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- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
The NZD/USD's surge was diminished by the immediate resistance in face of the Bollinger band and the monthly R1 yesterday, causing a close at 0.6752. The same resistance is likely to force the pair to bounce back today, with the weekly PP, located at 0.6681, acting as the nearest support. Around the 0.66 major level rests an even stronger support cluster, bolstering the up-trend; however, the Kiwi is unlikely to retest the trend-line today. Technical studies suggest the NZ Dollar could edge higher today and reach the 0.68 level if the immediate resistance is pierced.
Traders' Sentiment
Bears are in the majority again, taking up 54% of the market, while only 47% of all orders are to buy the NZ Dollar (up from 44%).
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