- ASB Institutional (based on Investing.com)
The Kiwi is in the middle of its fifth consecutive trading session in the green zone against the US Dollar, as the currency exchange rate broke through the channel up patterns upper trend line at 0.7130. At the moment, the pair is at 0.7143, and it is surging towards the weekly R2 at 0.7168. If the New Zealand Dollar manages to break through the weekly r2, it is bound to move towards the monthly R2 at 0.7210. Meanwhile, technical indicators also suggest a rally is due today.
SWFX traders are bearish on the pair, as of 67% of open positions are short, which indicates that the currency pair might be oversold and could continue to surge. However, pending orders in the 100-pip range are 52% short.