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- BNP Paribas (based on Reuters)
Pair's Outlook
The Kiwi has been appreciating against the US Dollar ever since it bounced back from the up-trend in November. The previous week was not an exception, as the NZD/USD maintained trade mostly near the ten-week high. Although technical studies are giving mixed signals, the NZ Dollar is expected to inch higher again today. The 200-day SMA, however, is likely to limit those gains around 0.6855, also being bolstered by the Bollinger band. At the same time, the weekly PP is providing support at 0.6796, but a drop that low will doubtfully occur.
Traders' Sentiment
Bearish market sentiment remains unchanged at 57%, whereas the number of orders to buy the NZD declined from 56 to 32%.
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