© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The Kiwi depreciated for the third consecutive session against the Greenback by mid-Wednesday. The currency exchange rate fell to trade below the 0.72 level, which is a seven week low. However, starting from 0.7181 a strong support cluster begins, which lasts until the 0.7174 level. The support cluster is comprised of the monthly S1, weekly S2 and the lower trend line of the channel up pattern, in which the pair has been since January, when the Kiwi began its rise. Although, in the meantime, the rate has just moved out of a descending triangle pattern without a significant breakout.
Traders' Sentiment
SWFX traders decreased the bearish outlook on the pair, as 59% of them have open short positions. Meanwhile, pending commands have remained almost unchanged, as 67% of set up orders are to sell.
© Dukascopy Bank SA