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– Jamie Seattele (based on Daily FX)
Pair's Outlook
The New Zealand Dollar continued to depreciate against the US Dollar on Thursday, as the pair moved from 0.7031 at the start of the day to 0.6997 at the end of the day. However, the currency exchange rate slipped below the weekly S2 at 0.6968, as the pair touched the 0.6953 level. During the first half of Friday's trading session the Kiwi had moved to 0.6989 by 11:00 GMT against the Greenback. In the meantime, daily aggregate technical indicators forecast no changes for the pair today, which means it might surge in the second half of the day.
Traders' Sentiment
SWFX traders continue to be majorly bearish on the pair, as 71% of open positions are short. In the meantime, pending orders are 56% long in the 100-pip range.
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