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– Tim Kelleher, ASB Bank (based on New Zealand Herald)
Pair's Outlook
During the first half of Tuesday's trading the Kiwi saw almost equal volatility to both sides, but remained almost flat against the Greenback near the 0.7230 mark. During the fluctuations, the rate had no problems with breaking the resistance put up by the weekly R1 at 0.7241, which managed to stop it on Monday. Due to that fact it is most likely that the pair will surge in the near future. In addition, the medium term ascending channel still persists and enforces the forecast of an appreciation of the New Zealand Dollar against the Buck.
Traders' Sentiment
Traders continue to increase their bearish outlook, as 70% of open positions are short. Meanwhile, 51% of pending commands are set up to sell the Kiwi.
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