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– Mark Johnson, OMF (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar had slightly surged against the US Dollar by midday on Tuesday. However, the currency exchange rate had been more volatile to the downside during the first half of the day's trading session, as the Greenbacks ascension was hindered by the 38.20% Fibonacci retracement level. It is highly possible that the currency pair will remain unchanged by the end of the day, as the rates rebound from the retracement will be stopped by the strong resistance cluster above it.
Traders' Sentiment
Traders remain bearish on the pair, as 54% of open positions remain short. However, in the recent sessions the bearishness has been gradually decreasing. In the meantime, pending commands have shifted, as 52% of trader set up orders are to buy.
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