© Dukascopy Bank SA
– based on Forex Crunch
Pair's Outlook
The New Zealand Dollar is in the middle of its fifth consecutive session of losses against the US Dollar, as the pair reached the 0.7010 mark, below which it has not been since June. On Monday the currency exchange rate already touched the monthly pivot point at 0.7069, and rebounded against it to end the day's trading session at 0.7117. In the middle of Tuesday's session, the pair showed more losses than the week before, as it started day's session at 0.7119 and traded at 7036 by 11:30 GMT. In addition, during the session the pair already moved below the monthly PP at 0.7069 and weekly S1 at 0.7042.
Traders' Sentiment
Traders continue to be majorly short on the pair, as 72% of open positions are short on Tuesday. In the meantime, pending orders in the 100-pip range have become bullish, as 59% of orders are long.
© Dukascopy Bank SA