© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
After experiencing rather substantial volatility, the New Zealand currency managed to advance against its American counterpart. However, the immediate resistance kicked in and somewhat limited the gains at 0.6345. The Kiwi is likely to negate Monday's losses, as confidence in commodity currencies has been regained today. The nearest resistance lies at 0.6371, namely the monthly PP; however, the NZD/USD has a chance of testing the 0.64 level, which the pair struggled to pierce during the whole month.
Traders' Sentiment
Traders' sentiment remains bearish, as 57% of traders are short the Kiwi, up from 52%. The amount of sell commands also increased, adding 13 percentage points, now accounting for 66% of the market.
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