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- Alan Gayle, Ridgeworth Investments (based on Reuters)
Pair's Outlook
The New Zealand Dollar regained strength against the US Dollar during the first half of Friday's trading session, as the currency exchange rate approached the resistance put up by the weekly S2 at the 0.6956 level. However, the rate regained just around 50 base points, compared to the loss of 350 pips suffered during the previous weeks. Moreover, the jump was mainly caused by lower than expected US labor data, which means that the decline of the Kiwi is likely to resume in the near future. That would occur due to a bounce off from the before mentioned resistance.
Traders' Sentiment
Traders are 60% bullish on the pair. In the meantime, 59% of trader set up orders are to buy the Kiwi, which is lower by 7%, compared to yesterday's 66%.
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