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- BNZ (based on WBP Online)
Pair's Outlook
Even since the NZD/USD currency pair bounced back from the resistance trend-line this week, the bearish momentum overtook the market. Unstable oil prices keep weighing on the New Zealand currency, thus, more Kiwi weakness is anticipated. The closest area to limit the dips lies around 0.6880, formed by the 20-day SMA and the weekly PP. However, both in the daily and the weekly timeframes technical indicator signals shifted to bullish, suggesting that the NZ Dollar might rebound today. In case this scenario prevails, the pair could erase Thursday's losses, with the weekly R1 at 0.6982 being the closest resistance.
Traders' Sentiment
For the third day in a row bears take up 70% of the market, whereas the number of purchase orders declined from 83 to 69%.
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