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- Adam Myers, Credit Agricole(based on CNBC)
Pair's Outlook
While the resistance at 0.7855 (monthly PP) was unable to contain yesterday's bullishness of NZD/USD, a combination of 0.7919 and 0.7981/67 stopped the New Zealand Dollar from appreciating any further. Then we would witness a rally to 0.8027 with a chance to extend to 0.8179/61, but instead the price pulled back and is currently traded just above 0.7809/0.7782.
Traders' Sentiment
SWFX traders' sentiment towards NZD/USD remains fairly bullish, being that 60% of open positions are long and the rest 40% are short, showing no reaction to the latest hectic moves in the exchange rate. At the same time the percentage of buy orders placed on the pair is in a distinct minority, constituting 37%.
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