© Dukascopy Bank SA
– Jamie Saettele, CMT (based on Daily FX)
Pair's Outlook
The Kiwi fell below the 38.20% Fibo retracement against the US Dollar on Friday, as the Greenback gained strength on Non-Farm Payrolls data release. During first half of Monday's trading session the currency exchange rate continued to move lower, as the pair passed the weekly S1 at 0.7092 and afterwards rebounded. However, by 11:30 GMT the currency pair had moved back up to the level of 0.7129. In the meantime, aggregate technical indicators forecast a surge for the pair on a daily time frame and during the rest of the week.
Traders' Sentiment
Traders are largely bearish on the pair, as 70% of open positions are short on Monday. In the meantime, pending orders are 53% long.
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