© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar continued to struggle in making a rebound against the rising wedge pattern's lower trend line against the US Dollar on Monday. However, by mid-Monday the currency exchange rate had surged and managed to move above the 20-day SMA at 0.7308, and there are no further resistance levels up to the level of 0.7347, where the weekly R1 is located at. Previously, by the end of the last week the currency pair began a rebound on Wednesday and Thursday. However, the gains were almost fully lost on Friday.
Traders' Sentiment
Traders retain a largely bearish view on the pair, as 63% of open positions are short. In the meantime, pending orders have shifted and are 60% to sell the pair.
© Dukascopy Bank SA