© Dukascopy Bank SA
– based on FX Empire
Pair's Outlook
The New Zealand Dollar remained almost unchanged on Thursday, as the currency exchange rate struggled with the weekly R1 at 0.7122 and bounced off of it at the end of the session. On Friday the Kiwi started appreciating against the Greenback, as the pair had surged to 0.7110 by 11:00 GMT, which is below the weekly R1. However, the pair had reached above the first weekly resistance, and it reached 0.7131 mark, where it met with the 20-day SMA, which provided the necessary resistance to put the rate down. It is most likely, that the pair will continue to struggle to book gains.
Traders' Sentiment
Traders continue to remain largely bearish on the pair, as 72% of open positions on Friday are short. In the meantime, pending orders in the 100-pip range are 60% short.
© Dukascopy Bank SA