© Dukascopy Bank SA
- based on NZ Herald
Pair's Outlook
The New Zealand Dollar was almost flat by midday on Tuesday against the US Dollar, as the currency exchange rate kept trading in a limbo around the weekly pivot point, which is located at 0.7282. Previously, on Monday the currency pair did the same, as it bounced around the weekly PP. However, there is a major difference, if the two trading sessions are compared, as by mid-Tuesday the pair had been more volatile to the upside, not downside like on Monday. In the meantime, daily aggregate technical indicators forecast a fall of the rate by the end of the day.
Traders' Sentiment
SWFX trader sentiment remains bearish, as 66% of open positions are short. In the meantime, 68% of set up orders are to sell the Kiwi.
© Dukascopy Bank SA