NZD/USD Faces Resistance at Daily Supply Zone Amid Rising Short
On the daily chart, the NZD/USD pair has approached and responded to a significant supply zone. Notably, there has been a marked increase in short positions among non-commercial traders. These initial short entries were established in July, and current market dynamics suggest a potential continuation of the bearish trend. If, throughout this week, the Dollar Index gains momentum and sees an increase in long positions, it could further drive the NZD downward.
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