- ASB Institutional (based on Investing.com)
The New Zealand Dollar is in its fourth session of gains against the US Dollar, as the Greenback is losing its strength. The pair started Monday's trading session at 0.7080, which is higher than the previous close of 0.7056. At the moment, the currency exchange rate is at 0.7116, and it is exactly at the pairs channel up pattern's upper trend line. The trend line is strengthened by the weekly R1 at 0.7113, and the Kiwi has already broken through it. Two weeks ago, the pair already touched the upper pattern's trend line and bounced off of it down to the monthly R1 at 0.6988.
Traders are shorting the pair, as 56% of open positions are short. In addition, 60.71% of pending orders in the 100-pip range are short.