© Dukascopy Bank SA
- Ilya Spivak, Dialy FX
Pair's Outlook
The New Zealand Dollar traded below the 0.71 mark against the US Dollar on mid-day during Thursday's trading session. During the first half of the day's trading session the currency exchange rate attempted to break through the resistance put up by the weekly R1 at 0.7097. Although, the Kiwi did manage to jump above the resistance level, the currency pair retreated afterwards and fell even below the 0.7080 mark. It is most likely that the rate will continue to fall, as the next support level is located at 0.7048, where the 200-day SMA is located at.
Traders' Sentiment
Traders remain largely bearish on the Kiwi, as 65% of open positions were short on Thursday. Moreover, 64% of trader set up orders were to buy the US Dollar against the New Zealander.
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