© Dukascopy Bank SA
- ANZ Bank New Zealand (based on The New Zealand Herald)
Pair's Outlook
The New Zealand currency suffered rather heavy losses against the US Dollar, amid a poor reading of the New Zealand Employment Change. As a result, the NZD/USD dropped towards the third support, namely the weekly S1, thus, preserving the bearish trend. Even though there is room for a rally back to the 20-day SMA and weekly PP cluster, which are bolstering the resistance trend-line, technical indicators keep suggesting the Kiwi is to weaken again. A close around 0.66, just between the Bollinger band and the 100-day SMA, is the most probably outcome today.
Traders' Sentiment
There are now 56% of traders holding long positions (previously 42%). The share of buy orders returned to its Monday's level of 38%.
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