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- MUFG (based on FXStreet)
Pair's Outlook
Having appreciated yesterday, the New Zealand Dollar prolonged the lifespan of the ascending channel pattern. The NZD/USD pair was unable to pierce the weekly R1 in order to retake the 0.70 mark yesterday, expected to make another attempt today. The nearest resistance, however, is not only represented by the weekly R1, but also by the Bollinger band. According to technical studies, the retake of the 0.70 major level is the most probable scenario, with no signs of the bears prevailing. In case the exchange rate does drop lower today, the channel pattern is likely to remain intact, due to lack of a catalyst that could cause a breakout.
Traders' Sentiment
As of now 72% of all open positions are short (previously 74%), while 59% of all pending orders are to sell the Kiwi (previously 70%).
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