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— Jason Wong, Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
Although since the start of Wednesday's trading session the New Zealand Dollar has fluctuated in a more than 50 base point range against the Greenback, the exchange rate remained unchanged by the middle of Thursday's trading session. The reason for that was the fact that the markets were expecting the speech of the Federal Reserve's chairwoman Janet Yellen. However, from a technical perspective the pair is still set to fall, as it bounced off a resistance cluster and began a decline before the stagnation. In such case it would reach the support cluster, which starts at the 0.6988 level and which is made up of the weekly PP and monthly S2.
Traders' Sentiment
SWFX sentiment remains unchanged, as 52% of open positions are long. Meanwhile, 55% of set up orders are to sell.
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