© Dukascopy Bank SA
— Jason Wong, Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
By the middle of Monday's trading session the New Zealand Dollar had managed to surge above the 0.7070 level against the US Dollar and retreat below the 0.7050 mark. The reason for that was that the weekly R1 located at 0.7082 together with the monthly S1 at 0.7090 are providing resistance. The resistance is likely to keep the rate lower during the few upcoming trading sessions. However, if the pair would manage to break the resistance, it would face a much stronger resistance cluster near the 0.7135 level, where close by five various levels of significance are located at.
Traders' Sentiment
Traders have decreased their bullish outlook, as 55% of open positions are long, compared to 60% on Friday. Meanwhile, 52% of set up orders are to sell.
© Dukascopy Bank SA