"In the event of bearish reversal, traders should first look for the USD/CAD to trade back below 1.3600."
— Jason Wong, Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
The New Zealand Dollar traded in limbo around the monthly S1 at the 0.6870 level against the Greenback. By the middle of Friday's trading session the currency exchange rate had moved below the monthly support. Due to that it might seem that the pair will go even lower. In that case the currency rate would retreat to the lower trend line of the long term descending pattern, which is located at the 0.6765 level. However, the pair had already touched the 0.6850 level and rebounded afterwards on Thursday.
Traders' Sentiment
SWFX traders remain bullish, as 64% of open positions are long. Moreover, 74% of trader set up orders are to buy the Kiwi.
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