– based on economies.com
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 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.