© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar traded in the middle of a resistance cluster made up of the weekly S1 at 0.7082 and the monthly S2 at 0.7070 against the US Dollar. Previously, on Wednesday the currency pair already attempted to break through the cluster, and it failed to accomplish it by the end of the day. It is most likely, that the rate will move lower by the end of the day on Thursday, as, compared to Wednesday's trading session, the currency exchange rate showed more volatility to the downside, which indicates at a slow but gradual movement lower.
Traders' Sentiment
Regarding the Kiwi, traders are becoming neutral, as 54% of open positions are short. Moreover, 51% of set up orders are to sell.
© Dukascopy Bank SA