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- Governor Graeme Wheeler, RBNZ (based on WBP Online)
Pair's Outlook
On Monday, the NZD/USD remained volatile for some time, until a hike in the pair's value took place. The lower Bollinger band provided enough support to turn the tide, while the 55-day SMA proved to be sufficient enough to stop the surge. Today, however, a plunge is expected, with the closest support located around 0.7490, namely the 100-day SMA and the Bollinger band. Technical studies, on the other hand, are giving bullish signals, despite that low commodity prices are pressuring the Kiwi down.
Traders' Sentiment
SWFX traders' outlook towards the NZ Dollar remains negative, as three quarters of all positions are short. Nevertheless, 57% of commands are now to purchase the Kiwi (previously 51%).
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