© Dukascopy Bank SA
– Martin Rudings, OMF (based on New Zealand Herald)
Pair's Outlook
The Kiwi continued to trade sideways for the fifth consecutive session against the US Dollar, as the currency exchange rate continued to bounce around the 0.69 level. Wednesday's session started with a continuation of a third rebound from the 0.6880 mark, and by mid-day the currency exchange rate had touched and retreated from the 0.6930 mark. It is likely that this situation will continue until next year. However, the general downtrend still persists, and the Kiwi is set to depreciate against the Greenback.
Traders' Sentiment
Traders still short the Kiwi, as 66% of open positions were short. Meanwhile, 63% of trader set up orders were to sell the New Zealand Dollar.
© Dukascopy Bank SA