"Markets continue to weigh up the validity of the Trump trade, with tax-cut rhetoric on one hand but growth-unfriendly anti-trade talk on the other."
— Sharon Zollner, ANZ Bank New Zealand (based on New Zealand Herald)
Pair's Outlook
Since the opening of the session of April 23 the New Zealand Dollar had lost more than 2.5% against the US Dollar by the middle of Thursday's trading. The currency exchange rate had reached the support of the monthly S1, which is located at the 0.6870 mark. Moreover, a skilled chart drawer can add more minor levels of support to the monthly S1. However, the 0.6870 should be considered as the main level to pass, if the Greenback is set to continue to surge. In the case of a continuation of the Kiwi's fall, the currency pair would reach for the lower trend line of the long term descending channel near the 0.6785 level.
Traders' Sentiment
Traders remain bullish on the pair, as 63% of open positions are long. In addition, 69% of trader set up orders are to buy the Kiwi.
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