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- Robert Rennie, Westpac Banking Corp (based on New Zealand Herald)
Pair's Outlook
Contrary to the rest of the market, the Kiwi scored gains against the US Dollar on Thursday. During the first half of Thursday's trading session the currency exchange rate had reached above the weekly R1 to trade at 0.6971. However, the rate retreated by the middle of the day. Although the pair is no longer flat, a surge was not expected. All clues still indicate at the rate going southwards. For example, aggregate technical indicators forecast a fall of the rate by the end of the day and a lower close on a weekly timeframe.
Traders' Sentiment
SWFX traders have not changed their mind regarding the Kiwi, as 66% of trader open positions were short. Meanwhile, trader set up orders also have not changed, as 62% of pending commands are set up to sell the Kiwi.
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