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- Westpac Banking Corp. (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar regained upward momentum on Wednesday. In accordance with the forecast, NZD/USD breached the first two resistance levels, but lacked the strength to reach 0.76. The Kiwi closed at 0.7549, slightly under the goal of 0.7560. Nonetheless, an extension of the rally is anticipated on Thursday, and the technical indicators are showing bullish signs. The pair may challenge 0.76 today, but moving higher should prove to be difficult because of the resistance trend-line.
Traders' Sentiment
Bearish traders grow stronger, as even more positions are now short, 74% to be exact. Meanwhile, the sell orders are in a majority, with 57% of all the commands.
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