© Dukascopy Bank SA
- Stuart Ive, (based on New Zealand Herald)
Pair's Outlook
The Kiwi has reached the resistance cluster consisting of weekly R1 at 0.7239 and 20-day SMA at 0.7238, acting accordingly to yesterday's forecast. The New Zealand's currency has bounced from the aforementioned resistance cluster, however it is unlikely that this significance level will be able to halt further advance of the New Zealand's Dollar. It is possible that after a brief fall the Kiwi would continue its growth until it reaches the next resistance level at 0.7296, due to it being supported by strong moving support cluster consisting of 100, 200-day SMAs and lower Bollinger band located near 0.7135.
Traders' Sentiment
Traders remain bearish on the pair, as 55% of open SWFX trader positions are short. In the meantime, trader set up orders are neutral.
© Dukascopy Bank SA