© Dukascopy Bank SA
— Business Desk (based on New Zealand Herald)
Pair's Outlook
During the first half of Tuesday's trading session the New Zealand Dollar remained near the previous closing price of 0.7050 against the US Dollar. The currency exchange rate was prepped up by the 20-day SMA, which was located at the 0.7049 level and the lower trend line of a rather week medium term ascending channel pattern at the 0.7035 level. It is highly possible that the currency exchange rate will surge by the end of the day's trading, as the closest resistance level is located at 0.7082, where the weekly R1 is located at. However, a break of the resistance is unlikely, as the weekly R1 is strengthened by the monthly S1 at the 0.7090 level.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 54% of open positions are long. Meanwhile, 53% of set up orders are to sell the Kiwi.
© Dukascopy Bank SA