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– Mark Johnson, OMF (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar struggled with a resistance cluster located from 0.7169 to 0.7195 against the US Dollar. Previously, on Tuesday the currency exchange rate bounced between the before mentioned resistance cluster and the support provided by the 38.20% Fibonacci retracement at 0.7134. It is most likely that the currency pair will continue bouncing between the levels of significance, as the Kiwi already failed to break through the resistance against the US Dollar, and the rate is moving lower.
Traders' Sentiment
Traders are almost neutral on the pair, as 51% of open positions are short. Meanwhile, pending commands remain unchanged at almost neutral, as 52% of trader set up orders are to buy the Kiwi.
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