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- Ilya Spivak, Daily FX
Pair's Outlook
The New Zealand Dollar continued to fall against the Buck reaching the support cluster consisting of weekly S1 at 0.7130, lower Bollinger Band at 0.7134 and 100, 200-day SMA's at 0.7136 and 0.7131 respectively. In addition, at 0.7118 the 55-day SMA is closing in to join this cluster. It is highly likely that the candle will bounce off from the support cluster and will rise towards the resistance cluster consisting off weekly and monthly PPs respectively at 0.7187 and 0.7184. It can be expected that the currency exchange rate will continue to bounce between the just mentioned clusters of significance for the next few trading sessions.
Traders' Sentiment
SWFX traders remain neutral bearish on the Kiwi, considering that 54% of all open positions are short. In the meantime, traders have set up 58% of orders to buy the Kiwi.
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