© Dukascopy Bank SA
– based on New Zealand Herald
Pair's Outlook
The Kiwi marked its fourth consecutive session of depreciation against the US Dollar, as the currency exchange rate reached below the 0.7150 level by mid-Thursday. The currency pair found support near that level, as the 100-day SMA is located at 0.7149, and the rate had slightly rebounded. Previously, the SMA had already made the New Zealand Dollar change its direction. However, the rate was pushed lower by the resistance cluster from 0.7174 to 0.7181, comprised of the weekly S2, monthly S1 and the lower Bollinger band. The same is most likely to occur in the near future.
Traders' Sentiment
Traders remain bearish on the pair, as 57% of open positions are short. In addition pending commands are 53% to sell the Kiwi.
© Dukascopy Bank SA