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- Jason Wong, currency strategist (based on Bank of New Zealand)
Pair's Outlook
The New Zealand Dollar is bounced between two pivot points against the US Dollar on Thursday, as it was squeezed in by the weekly pivot point at 0.7279 and the monthly pivot point at 0.7240. Moreover, the monthly pivot point is supported by the 20-day SMA at 0.7241. The daily aggregate technical indicators forecast a surge of the pair during today's trading session. Due to that, and the fact that the pair is still in a channel upward pattern, the currency exchange rate is most likely to soon break the weekly pivot point's resistance and set its eyes to the next resistances around the level of 0.7340.
Traders' Sentiment
Trader open positions are 73% short, and pending commands are 53% to buy.
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