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– Mark Lister, Craigs Investment Partners (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar continued its way down against the Greenback on Monday, as the currency exchange rate reached the long term ascending channel pattern's lower trend line at 0.7076. After touching the trend line the currency pair had slightly rebounded, and the rate began to trade flat. The loss of volatility occurred due to the unclear situation in New Zealand after an earthquake hit the country, and the effects of the disaster on the country's economy are still unclear. However, by looking at the hourly chart, a slow rebound can be seen.
Traders' Sentiment
Traders remain bearish, as 61% of open positions are short. In the meantime, pending commands are almost neutral, as 52% of pending commands are to buy the Kiwi.
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