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– Imre Speizer, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar managed to rally and surge against the US Dollar in the second half of Monday's trading session, and the surge continued into the first half of Tuesday's trading. From a technical perspective, the currency exchange rate is set to reach the 0.7334 level without being hindered, as at that level the closes level of resistance is located at. To be exact, at the 0.7334 mark is located the first weekly resistance level. If the resistance is broken, the rate is likely set to reach the 0.7388 level, where the second monthly resistance will remain until midnight.
Traders' Sentiment
SWFX traders have not changed their opinion, as 74% of trader open positions are short on Tuesday. Meanwhile, 59% of trader set up orders were to sell the Kiwi.
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