© Dukascopy Bank SA
– Cros Spooner, Beef and Lamb (based on New Zealand Herald)
Pair's Outlook
The Kiwi began Tuesday's trading session above the weekly PP at 0.7153 against the Greenback, and by mid-day the currency exchange rate had jumped to the 0.7191 level, gaining 0.53%. However, the rate faced the combined resistance of the weekly R1 and the 100-day SMA, which are located respectively at 0.7196 and 0.7199. If the cluster is passed, the rate will be set to gain additional 0.4% until it reaches the weekly R2 at 0.7229. Although, daily aggregate technical indicators forecast no changes in the rate by the end of the day, which might mean that the pair is set to bounce off the resistance cluster.
Traders' Sentiment
Traders remain bullish with 56% of open positions being long. Meanwhile, 53% of trader set up orders are to buy.
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