- The Lindsey Group (based on CNBC)
The NZD/USD slid on Wednesday, but the 2011 low provided support and prevented the Kiwi from suffering too much losses. The US Dollar will require a massive boost to weigh on its New Zealand counterpart and be able to pierce through the given support. Perhaps, the fundamental data today will be enough, as the NZ Dollar is expected to drop deeper down. Meanwhile, technical studies retain bearish signals in the short, medium and long terms, bolstering the negative scenario. Once the 2011 low is breached, the given pair will fulfil the requirements to weaken further under 0.71.
Bears keep prevailing over bulls, as 56% of traders hold short positions, whereas the share of buy orders slid from 56 to 48%.