"The New Zealand dollar gained after consumer prices rose at their fastest annual pace in five-and-a-half years in the first quarter of 2017."
— Rebecca Howard, New Zealand Herald
Pair's Outlook
During the first half of Thursday's trading session the New Zealand Dollar fluctuated against the Greenback in the range of two previous trading sessions. The currency exchange rate fluctuated between the weekly R1 at 0.7051 and the 20-day SMA at 0.70. Moreover, between these two levels of significance was located the monthly PP at 0.7033. It is most likely that the rate will move higher eventually, as the Kiwi gains strength and the Buck loses value. However, from a technical perspective the rate faces a very strong resistance cluster from 0.7050 to 0.7090 levels.
Traders' Sentiment
Traders remain bullish on the Kiwi, as 55% of open positions are long and 55% of trader set up orders are to buy.
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