© Dukascopy Bank SA
– based on Forex Crunch
Pair's Outlook
The New Zealand Dollar is appreciating against the US Dollar, as the currency exchange rate reached the height of 0.7237 by 11:00 GMT. The surge occurred, as the pair finally broke the resistance provided by the weekly and monthly pivot points at respectively 0.7174 and 0.7163. In addition, the rate broke through the first weekly resistance at 0.7227, and due to that that the pair faces no resistance up to the level of 0.7310. However, on its way it will encounter the upper Bollinger Band, which at the moment is at 0.7274.
Traders' Sentiment
SWFX traders continue to be bearish, as 73% of open positions were short on Wednesday. In the meantime, pending commands remained bullish, as 58% of open positions were to buy.
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