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- ASB Bank (based on Business Recorder)
Pair's Outlook
Among all commodity currencies, the Kiwi suffered the most losses, with its volatility to the downside exceeding 500 pips. The NZD/USD currency pair breached three immediate supports and settled only in front of the monthly S1 at 0.6478. Nevertheless, the monthly S1 and weekly S2 cluster now provide substantial support and are likely to cause the NZ Dollar to rebound today. The 0.65 level is expected to be retaken, with the weekly S1 at 0.6533 limiting the gains. Technical studies, however, are now giving mixed signals, unable to confirm the bullish outcome.
Traders' Sentiment
Bearish sentiment keeps growing, as 61% of positions are short today (previously 59%). The share of buy orders slid from 54 to 27%.
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