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- Stuart Ive, OMF (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar depreciated against the US Dollar by the middle of Friday's trading session. However, the movements looked more like a short stop of the surge, which occurred in the past two trading sessions. The rate is likely to stay put by the end of the day, as it is squeezed in between the monthly PP at 0.7011 and the weekly R2 at 0.7034. It is likely that with the start of a new week and the recalculation of new weekly levels of significance, there will be no resistance close by. The support provided by the monthly PP will provide the needed momentum for the Kiwi to appreciate against the Greenback.
Traders' Sentiment
SWFX trader remain bearish, as 57% of open positions are short. Meanwhile, 51% of trader set up orders are to sell.
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