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- Commerzbank (based on Reuters)
Pair's Outlook
Negative news from the RBNZ on Thursday caused the New Zealand Dollar to sustain a rather serious loss against the American Dollar, but with the tough support cluster around 0.6820 limiting the volatility. The NZD/USD currency pair could potentially negate all yesterday's losses, as the Kiwi received a boost from upbeat Chinese data earlier today. The only obstacle on the pair's path is the weekly R1, with is unlikely to provide sufficient resistance to keep the pair from edging higher; the resistance line at 0.6943, on the other hand, is expected to succeed if reached. Meanwhile, technical indicators are bolstering this possibility of the positive outcome with their bullish signals.
Traders' Sentiment
Traders' sentiment remains bearish, but at 60% (previously 61%). Buy orders now take up 57% of the market, opposed to 66% yesterday.
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