© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar had fallen below the weekly pivot point at 0.7284 against the US Dollar by mid-day on Thursday. However, the currency exchange rate had been bouncing around the weekly PP for the past three consecutive trading sessions, as the rate searches for direction after breaking out of the rising wedge pattern, in which it had been since January. However, the recent movements of the rate have revealed a descending triangle pattern, which need to be observed, as a breakout of the rate to the downside might be imminent.
Traders' Sentiment
Now 61% of traders have a negative outlook towards the Kiwi and 56% of all orders are to sell the New Zealand Dollar.
© Dukascopy Bank SA