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- Con Williams, ANZ Bank New Zealand (based on New Zealand Herald)
Pair's Outlook
During the 24 hours leading up to the middle of Wednesday's trading session, the Kiwi continued to trade against the US Dollar exactly as forecasted. The currency exchange rate once more fell down to the strong support cluster below it, near the 0.7130 level, and rebounded against that cluster to once more reach the upper trend line of the medium term descending channel. As a result, by the middle of Wednesday's trading the US Dollar was making another attempt to surge against the New Zealand Dollar and pass the already twice tested cluster.
Traders' Sentiment
SWFX traders have not changed the proportions of their open positions, as 53% of positions remain short on Wednesday. Meanwhile, 60% of trader set up orders are to buy the Kiwi.
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