© Dukascopy Bank SA
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– based on New Zealand Herald
Pair's Outlook
The New Zealand Dollar ended Monday's trading session against the US Dollar just before it attempted to break through the weekly PP at 0.7365. On Tuesday morning the Kiwi managed to fail at that break of the resistance and the currency exchange rate had fallen to 0.7307 by mid-day. At that point the fall was stopped by the support provided by the 20-day SMA. As the daily aggregate technical indicators forecast a surge for the pair by the end of the day, and there is a strong support cluster further below the exchange rate, it is possible that the Kiwi will make a third attempt to break past the weekly PP.
Traders' Sentiment
Traders remain bullish on the pair, as 53% of open positions are long on Tuesday. In the meantime, pending orders are 51% to buy the pair.