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— Netty Idayu Ismail and Michael G. Wilson, Bloomberg
Pair's Outlook
By the middle of Monday's trading session the New Zealand Dollar against the US Dollar was half way to the next resistance cluster. The cluster above it is comprised of the weekly R1 at 0.7082, the monthly S1 at the 0.7090 mark and the 100-period SMA at 0.71. If Kiwi strength and the Greenback's resistance both persist in the markets, the currency exchange rate will surge to the mentioned resistance level. Moreover, it would then be possible that the resistance will be broken. However, traders are advised to remember that the central bank of New Zealand wishes to see the rate lower and might apply monetary pressure from the upside.
Traders' Sentiment
Traders are neutral bearish, as 51% of open positions are short on Monday. Meanwhile, 54% of set up orders are to sell the Kiwi.
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