© Dukascopy Bank SA
– Rebecca Howard, New Zealand Herald
Pair's Outlook
On Wednesday the New Zealand Dollar was in a retreat against the US Dollar, as the currency exchange rate had touched the 0.7260 mark by the middle of the day's trading. Previously, during Tuesday's trading session the pair managed to break through the weekly R1, but fundamental data kept the Kiwi lower. It is most likely that the currency exchange rate will continue to move lower by the end of the day and approach the support level at 0.7249, where the weekly PP is located at. If that support is passed, the rate might fall as low as 0.7184.
Traders' Sentiment
Traders remain largely bearish on the pair, as 70% of open positions are short on Wednesday. Meanwhile, 59% of trader set up orders are still set up to sell the New Zealand Dollar.
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