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– Jason Wong, Bank of New Zealand
Pair's Outlook
The Kiwi fluctuated around the 38.20% Fibonacci retracement against the US Dollar by midday on Friday. Previously, on Thursday the currency exchange rate stopped to bounce between two levels of significance, and it was pushed down by the 20-day SMA. During the first half of Friday's trading the pair had not attempted to break through the SMA, as it still had to pass the Fibonacci retracement. It is most likely that the rate will remain unchanged by the end of the day, as the resistance of the 20-day SMA will keep it down.
Traders' Sentiment
Traders are almost neutral, regarding the Kiwi, as 51% of open positions are short. Meanwhile, pending commands have shifted, as 53% of trader set up orders are to sell, compared to Thursday's 53% to buy.
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