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– Nick Tvedt, NZForex (based on New Zealand Herald)
Pair's Outlook
The Kiwi bounced around the newly formed weekly pivot point at 0.7153 against the US Dollar by mid-Monday. Previously, the currency exchange rate found support in the previously broken channel down pattern's lower trend line and surged past the 0.7150 mark to end the day's trading session at 0.7165. However, the pair opened Monday's session at 0.7159 and began to fluctuate in indecision. Moreover, daily aggregate technical indicators forecast no changes in the rate by the end of the session, which is most likely set to occur.
Traders' Sentiment
Traders have come out of the neutral zone and become bullish, as 55% of open positions are long. In the meantime, pending commands are identical, as 55% of trader set up orders are to buy, compared to 47% on Friday.
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