"Another highly persuasive interpretation is that the current move higher is beguiling and merely a limited retracement, or potentially, a consolidating component of a fundamental move down."
— Leverate Technologies Trading (based on investing.com)
Pair's Outlook
By the middle of Wednesday's trading session the New Zealand Dollar against the Greenback had encountered the resistance put up by the weekly R1 at 0.7051 and fallen down to the 0.7010 mark. During the move the support of the monthly PP at 0.7033 was easily passed. It is most likely that the rate will retreat to the 0.70 mark, which has served as support during the last two trading sessions. Moreover, nearby that level is located the 20-day SMA. Due to those reasons it is most likely that the losses will be recovered after a rebound.
Traders' Sentiment
Traders remain bullish, as 56% of open positions are long. Moreover, 57% of trader set up orders are to buy the Kiwi.
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