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"The other factors that are driving the New Zealand dollar today are a quick reversal in the Chinese stock market - concerns over the health of the Chinese banking system still remain."
-ANZ Bank (based on Radio New Zealand)
Pair's Outlook
Pair is continuing to depreciate and at the moment is being supported by the 55-day SMA. We do not expect it will hold long. Some bullishness might be expected due to short term stochastic and medium term technicals on aggregate. We do not expect it to ignite long term rally.
Traders' Sentiment
No changes are noticed in the market sentiment. Bears continue to hold overwhelming majority (74%) of all open positions on the pair. Bullish side of pending orders remains at 73% after a 9% increase yesterday.
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