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NZD/USD stops surging on Tuesday

© Dukascopy Bank SA
"As expected, holiday thinned Monday trade was a quiet affair, but we saw USD weakness maintained, primarily against the commodity currencies,"
– Talking Forex (based on Investing.com) 


Pair's Outlook 
The New Zealand Dollar marked its fifth consecutive trading session of gains against the US Dollar on Monday. At the peak of this surge the currency exchange rate reached the 0.7233 level, which almost surpassed the pre-Brexit level of 0.7257. However, on Tuesday the Kiwi depreciated, as by 12:00 GMT the pair was at 0.7183. The exchange rates decline is caused due to a larger surge of the US Dollar against all of the commodity currencies on Tuesday.  

Traders' Sentiment
No matter the surge, SWFX traders are still drastically bearish on the pair, as 73% of open positions are short, which indicates at the currency pair still being oversold. Pending orders in 100-pip range have become bullish, as 62% of open positions are long, compared to yesterday's 27%, it is a notable movement of sentiment.
© Dukascopy Bank SA


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