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- IG Markets (based on The New Zealand Herald)
Pair's Outlook
It appears that the Kiwi's climb has come to an end, as the tide turned over the weekend. The NZD/USD currency pair was unable to resume trade above the 0.64 major level and began falling once again, ignoring the rather strong support cluster at 0.6375, represented by the weekly and monthly PPs. However, the NZ Dollar will unlikely fall beyond the 20-day SMA at 0.6341 today, but a close under this area might trigger a decline all the way to the 2009 Q3 low and the support trend-line, both just under 0.62.
Traders' Sentiment
Bulls and bears swapped roles, as 52% of traders now hold long positions (previously 47%). There are also more purchase than sell orders now, taking up 53% and 47% of the market, respectively.
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