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- Bank of Toky-Mitsubishi (based on WBP Online)
Pair's Outlook
The New Zealand Dollar experienced rather serious volatility on Wednesday, but still ended the day with a 30-pip surge. The pair, however, is still unable to edge above the psychological of 0.68 and is likely to undergo a correction. The immediate support is represented by the monthly R1 at 0.6767, while the second level to limit the losses rests only at 0.6687 in face of the weekly pivot point. The exchange rate will doubtfully fall towards the second support, with the price expected to close around 0.6740.
Traders' Sentiment
The gap between long and short positions narrowed, as 52% of traders hold short positions and the remaining 48% - long. Meanwhile, the share of purchase orders increased from 30 to 32%.
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