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– David Cory, ANZ Bank New Zealand
Pair's Outlook
The New Zealand Dollar remained rather flat against the US Dollar by the middle of Friday's trading session. However, that is most likely soon to change. The Greenback was facing strong resistance against most other financial instruments on Friday, but it could be seen that it continued to make numerous attempts at breaking through these resistance levels. Regarding the NZD/USD exchange rate, the resistance is represented by the weekly R1 at 0.7241, which needs to be passed. As that occurs, the rate will be set to fall as low as the 0.7159 level, where a strong support cluster begins.
Traders' Sentiment
Largely bearish sentiment persists, as 72% of trader open positions are short. Meanwhile, 61% of trader set up pending commands are to sell the Kiwi.
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