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– Nick Tuffley, ASB Bank (based on New Zealand Dollar)
Pair's Outlook
The New Zealand Dollar, as forecasted, hit the weekly R2 at 0.7308 against the US Dollar during Wednesday's trading session. However, the currency exchange rate bounced off from it and retreated to previous levels. Although, that does not mean that the Kiwi has stopped its surge against the Greenback. During the fall the rate reached the lower trend line of the medium term ascending channel pattern and rebounded exactly at it. It is most likely that the currency exchange rate will prepare and make another attempt to break above 0.73 level.
Traders' Sentiment
SWFX traders have not changed their sentiment, as 73% of open positions remain short on Thursday. Meanwhile, 61% of trader set up orders are to sell the Kiwi.
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