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- Tim Kelleher, ASB Bank (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar remained unchanged against the US Dollar by mid-day on Friday, as the currency exchange rate attempted to break the resistance of the weekly R1 at 0.7097. Previously, during Thursday's trading session the currency pair fluctuated a lot, but did not move far by the end of the day. The Kiwi fell and found support in the 200-day SMA, as forecasted before. It is unlikely that the rate will manage to break the weekly R1, as it still holds the previous strength, and the 200-day SMA is near the 0.7050 level.
Traders' Sentiment
Traders remain largely bullish, as 63% of open positions were short on Friday. Meanwhile, trader set up pending commands became almost neutral, as 52% of set up orders were to buy.
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