© Dukascopy Bank SA
– Jason Wong, Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar remained firmly near the 0.73 level against the US Dollar by the middle of Thursday's trading session. The currency exchange rate keeps bouncing between two levels of significance, as the weekly PP at 0.7249 provides support, and the weekly R1 at 0.7334 provides resistance. As this is a hundred pip range, which could be utilized for trading, it is possible for one to catch the rebounds and bounce offs between these levels for the purpose of taking short term profit. In the meantime, on a larger time frame the Kiwi is still set to lose value against the Buck.
Traders' Sentiment
Largely bearish sentiment has returned to its Monday's level, as 74% of trader open positions are long on Thursday. Meanwhile, 58% of trader set up orders are to sell the Kiwi.
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