© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The Kiwi remained almost flat against the Greenback on Monday. However, there are two notable factors to this stagnation. First is the fact that the currency exchange rate was more volatile to the downside, as the rate opened the day's trading session at 0.7284, and it had been volatile between the levels of 0.7292 and 0.7254. Secondly, by midday the currency pair had moved below the newly formed pivot point at 0.7282, which means that it is most likely fall to the next support, which is a whole cluster, represented by the 55-day SMA at 0.7236, weekly S1 at 0.7233 and the triangle pattern's lower trend line.
Traders' Sentiment
Traders remain largely bearish on the pair, as 64% of open positions are short. In the meantime, pending commands are 56% for selling the pair.
© Dukascopy Bank SA