© Dukascopy Bank SA
— Philip Borkin, ANZ Bank New Zealand
Pair's Outlook
By the middle of Wednesday's trading session the New Zealand Dollar against the US Dollar remained below the resistance put up by the weekly PP, which is located at the 0.6953 level. The currency exchange rate is most likely to continue bouncing at that level, as it has done for the whole week. Just as any other financial instrument, which involves the Greenback, the NZD/USD is stuck with reduced volatility prior to the Federal Reserve rate announcement. Furthermore, the pair chose a trading range between 0.69 and 0.6950, which is likely to be broken after Fed's statement later today.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 57% of trader open positions are long on Wednesday. In the meantime, 61% of trader set up orders are to buy the Kiwi.
© Dukascopy Bank SA