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- Henry Liu, Henry Liu Forex (based on investing.com)
Pair's Outlook
During the first half of Monday's trading session the New Zealand Dollar passed the support level at 0.7184, where the monthly PP is located at. Due to this fact the rate is set to fall next to the 0.7136 level, where a strong support cluster begins. The cluster is made up of 55, 100 and 200-day SMAs, the 38.20% Fibonacci retracement level and the weekly S1. As the cluster is so strong, it is most likely that the currency rate will not only be stopped but a rebound will occur. However, the future and length of the rebound is still yet to reveal itself.
Traders' Sentiment
Traders remain bearish on the pair, as 58% of trader open positions are short on Monday. In the meantime, 62% of trader set up orders are to buy the Buck.
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