- ANZ Bank New Zealand (based on The New Zealand Herald)
The Kiwi kept sliding down for the seventh day in a row yesterday, but the tide is about to turn. On Wednesday, the technical indicators were giving bullish signals, although the NZD/USD lacked the strength to regain the bullish momentum; however, the pace of decline did slow down. Bullish technical today suggest the NZ Dollar is likely to rebound, although the closest resistance lies out of reach. As a result, the New Zealand currency should only have enough strength to negate yesterday's losses.
Bearish traders' sentiment remains unchanged at 43%. At the same time, the number of orders to sell the Kiwi lost four percentage points. The commands now account for 70% of the market.