© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The New Zealand Dollar continued to book gains against the US Dollar mid-Monday, as the currency exchange rate steadily moved higher. Previously, the currency pair had jumped from 0.7287 to 0.7361 on Friday, but the rate did not managed to stay there, as the Kiwi retreated to 0.7296 by the end of day's trading session. On Monday the pair continued to struggle against the same resistance, which was encountered on Friday, as starting from 0.7340 to 0.7392 are located the monthly and weekly R1 combined with the upper Bollinger band, which hinders the surge.
Traders' Sentiment
Traders remain largely bearish on the pair, as 72% of open positions are short. In the meantime, pending orders are 55% to buy.
© Dukascopy Bank SA