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– Michael Johnston, HiFX (based on New Zealand Herald)
Pair's Outlook
As expected and forecasted the Kiwi fell on the Reserve Bank's of New Zealand announcement of an interest rate cut. The NZD/USD currency exchange rate moved lower and touched the 0.7205 level by mid-Thursday due to the announcement. However, it might also be the fact that throughout the day and on Wednesday the US Dollar was strengthening in the aftermath of the US presidential elections. However, all of it is in consistence with the ascending and descending channel patterns, and the rate is set to move even lower.
Traders' Sentiment
SWFX market sentiment remains bearish, as 67% of open positions were short on Thursday. However, 59% of trader set up pending commands were to buy the Kiwi.
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