© Dukascopy Bank SA
- Imre Speizer, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar had scored minor gains against the US Dollar by the middle of Thursday's trading session. However, during the first half of the day's trading the currency exchange rate had surged and reached the 0.7029 mark before it retreated to trade back below 0.6980. Previously, the currency pair surged from 0.6919 to 0.6972 by the end of Wednesday's trading. Although the rate is more likely to be pushed by US fundamentals than the technical side, traders should know that the technical clues forecast a fall of the rate by the end of the day and the week.
Traders' Sentiment
Traders remain bearish regarding the Kiwi, as 78% of open SWFX positions were short on Thursday. In the meantime, 57% of trader set up orders were to sell the New Zealand Dollar.
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