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- Citigroup Global Markets (based on Market Watch)
Pair's Outlook
Even though the Kiwi's volatility reached as high as 0.6450, the NZD/USD remained relatively unchanged over the day. The New Zealand Dollar remains stuck between two clusters, with the 20-day SMA, weekly and monthly PPs supporting the currency pair from below, and the weekly R1 and the Bollinger band forming a resistance around 0.6435. A rally is expected, but it should not exceed the 55-day SMA today, while a close around 0.6440 is the most probably outcome.
Traders' Sentiment
Although not as strong as yesterday, traders' sentiment remains bearish, with 68% of all positions being long. Sell orders also account for the largest part of the market, namely 67%.
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