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– Imre Speizer, Westpack Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar had slightly surged against the US Dollar by mid-day on Monday, as the currency exchange rate was above the 0.7050 level. Moreover, the rate had jumped and slightly reached above the 0.7100 mark. However, the rate retreated afterwards, as the weekly R1 at 0.7097 provided enough resistance to stop the surge and change the rate's direction. It is most likely that the rate will continue the surge this and the upcoming trading sessions.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 59% of open positions were short on Monday morning. Meanwhile, trader set up orders were largely bullish, as 68% of pending commands were to buy the Kiwi.
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