© Dukascopy Bank SA
- Bank of New Zealand (based on The New Zealand Herald)
Pair's Outlook
The NZ Dollar appreciated for the third consecutive day yesterday, completely erasing last week's gains, but failing to stabilise above the weekly R1. Nevertheless, the NZD/USD closed above the 0.68 major level and is ready to climb higher again today. The weekly R1 keeps providing immediate resistance, whereas the main target is the cluster around 0.6855, represented by the Bollinger band and the 200-day SMA. Technical studies also suggest the Kiwi is to take another step towards the Oct high, recovering from intraday losses. Meanwhile, the monthly R1 and weekly PP are to hold the dips.
Traders' Sentiment
Bearish traders' sentiment remains unchanged at 57%, while there are significantly more orders to acquire the Kiwi today, namely 56%.
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