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– Chris Weston, IG Markets (based on New Zealand Herald)
Pair's Outlook
During the first half of Monday's trading session the New Zealand Dollar remained firmly above the 0.73 mark against the US Dollar. The reason for that was the fact that with the start of a new week, newly calculated levels of significance have begun to have effect. Particularly, the weekly PP at 0.7304 was providing enough support to keep the currency exchange rate higher. However, minor details indicate that the weekly PP will most likely be passed, and the pair is to set its course for the weekly S1, which is located at 0.7256.
Traders' Sentiment
Strong bearish sentiment still persists, as 74% of open positions are short on Monday. Meanwhile, 51% of trader set up orders are to buy the Kiwi.
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