© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The Kiwi scored further gains at the start of Wednesday's session against the US Dollar, as the rate moved to 0.7324 level. However, the currency exchange rate met with the combined resistance of the upper Bollinger band at 0.7316 and the first weekly resistance at 0.7337, which both combined forced the rate to change its direction. Daily aggregate technical indicators forecast that the pair will surge today, which is possible, as it is about to meet with the weekly PP at 0.7212. The weekly PP is likely to support the rate and initiate a continuation of the previous surge.
Traders' Sentiment
SWFX traders' sentiment returned to its Monday's level of 70%, compared to 59% on Tuesday. Meanwhile, the portion of purchase orders increased from 43 to 58%.
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