— Michael Johnston, HiFX (based on New Zealand Herald)
Pair's Outlook
Friday ended with the Kiwi weakening against the US Dollar for the fifth consecutive day, but no significant losses were registered. The NZD/USD pair's inability to move sharply lower suggests the bulls are on the verge of taking advantage of the recent downfall, but the 0.70 mark in this case would still remain the ceiling, as the three-month bearish trend-line rests there. This down-trend directs the NZ Dollar's movement to the descending channel's support line, ranging from 0.6790 to 0.6720. Nevertheless, today's trade is likely to be contained between the lower Bollinger band from below and the monthly PP from above.
Traders' Sentiment
Today 63% of traders are long the New Zealand Dollar, while 72% of all pending orders are to purchase it.
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