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- BNZ (based on FXStreet)
Pair's Outlook
The New Zealand Dollar continued to edge lower against the US counterpart on Tuesday, having fallen below the 0.70 major level. The monthly R1, which is the main support level this month, managed to limit the losses and is now expected to rebound. The weekly PP is now the nearest resistance, located at 0.7032, but gains could extend even towards 0.7113, therefore, put the ascending channel's resistance line to the test. Technical indicators are bolstering that possibility; however, in e perfect world the Kiwi should weaken further and retreat towards the 0.69 mark, ultimately reaching 0.66 within a month.
Traders' Sentiment
Today 57% of traders are short the NZ Dollar, compared to 56% on Tuesday. At the same time, the portion of orders to sell the New Zealand currency decreased from 57 to 52%.
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