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- ANZ Bank New Zealand Ltd. (based on Bloomberg)
Pair's Outlook
The New Zealand Dollar plunged against the US Dollar, confirming the mentioned support level, as it stopped the pair from falling further. In the end the NZD/USD cross settled at 0.7488, not far from the same cluster of supports that stopped the pair from falling yesterday. As the US Dollar seems to be slumping against most majors, its New Zealand counterpart is likely to rise today. Technical indicators suggest the same trend by the end of the day, while one of the nearby resistance levels, the weekly R1, lies at 0.7572.
Traders' Sentiment
Bears still prevail over bulls, as 61% of all positions are short. Sell orders are also in the majority with 66% of all pending commands in the 100-pip range.
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