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    NZD/USD down to 0.7110 on Wednesday

    © Dukascopy Bank SA
    "The NZDUSD pair traded with clear negativity this morning to break 0.7145 level, which puts the price under negative pressure that we expect pushing the trading to test the main bullish channel's support at 0.7030 before it returns to rise again."  
    – based on economies.com 


    Pair's Outlook 
    The New Zealand Dollar stopped its five consecutive session post-Brexit surge against the US Dollar on Tuesday, as the currency exchange rate moved down from the day's trading session opening level of 0.7233 to 0.7157 at the end of the trading session. On Wednesday the currency exchange rate moved even lower to 0.7109 by 12:00 GMT, as it broke past the 38.20% Fibonacci retracement level at 0.7145 and the weekly pivot point at 0.7119. However, at the moment the pair faces the monthly PP at 0.7069 and the weekly S1 at 0.7040.  

    Traders' Sentiment 
    Traders are still bearish on the pair, as only 28% of open positions are long on Wednesday, which indicates at the NZD/USD pair being oversold. However, pending orders indicate at neutral sentiment, as orders in 100-pip range are neutral.
    © Dukascopy Bank SA

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