© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The Kiwi surged mid-Tuesday against the US Dollar, as the currency exchanged rate traded at 0.7295 by 11:15 GMT, compared the opening rate of 0.7212. The rate is most likely to continue to surge at least 40 pips in the near future, as it faces only the upper Bollinger band at 0.7312 until it would reach the 0.7337 level, where the weekly R1 is located at. In addition, the surge was and still is supported by the daily and weekly aggregate technical indicators. Moreover, the pair is still in an ascending channel pattern, as it rebounded against the lower trend line on July 25 at 0.6997.
Traders' Sentiment
SWFX traders stopped their previous, major bearishness, as 59% of open positions were short on Tuesday. In the meantime, pending commands were bearish, as 57% of open positions were to sell.
© Dukascopy Bank SA