© Dukascopy Bank SA
– Tim Kelleher, ASB (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar continue to fall during the first half of Tuesday's trading session against the Greenback. As it was described before, the Kiwi was at a significant moment during the last trading session, as the NZD/USD rate had reached the lower trend lines of two large scale channels. By mid-day on Tuesday the rate had fallen below the combined support cluster of the trend lines and the monthly S1 near the 0.69 mark. Now the rate is set to move to the 0.6850 level. If that level will get passed, the rate is set to fall drastically at least to the 0.6737 mark.
Traders' Sentiment
SWFX traders remain largely bearish, as 64% of open positions were short mid-Tuesday. Meanwhile, 60% of trader set up orders were to sell the Kiwi.
© Dukascopy Bank SA