© Dukascopy Bank SA
– BNZ (based on Business Recorder)
Pair's Outlook
On Tuesday, the Kiwi remained volatile against the US Dollar around the same level as on Monday, as the currency exchange rate bounced up and down near the 0.7250 level. However, the rate is set to surge, as, first of all, the 20-day SMA is providing pressure from the downside at 0.7233. Secondly, the aggregate technical indicators forecast a surge on daily and weekly timeframes. Last but not least, the rate remains in a channel upward pattern, and a fall of the rate would move it close to a large support cluster.
Traders' Sentiment
Traders remain largely short on the pair, as 69% of open positions were bearish on Tuesday. In the meantime pending commands were 68% to sell.
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