© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar surged against the US Dollar in the fit half of Monday, as the pair moved to trade above the newly formed weekly pivot point at 0.7104. The currency exchange rate is set to reach the resistance put up by the 38.20% Fibonacci retracement at 0.7134. Previously, on Friday the currency pair attempted to break through the before mentioned resistance and failed. By the end of Friday's trading the pair fell even below the closing price. It is most likely that the rate will once more attempt to break through the retracement's resistance.
Traders' Sentiment
Trader sentiment remains unchanged, as 53% of open positions remain short. In the meantime, pending commands have become bearish, as 57% of set up orders are to sell.
© Dukascopy Bank SA