- Sigma Broking (based on Reuters)
Although the New Zealand Dollar regained the bullish momentum yesterday, the surge was not as strong as anticipated. The NZD/USD barely managed to stabilise above 0.66, without even reaching the target of 0.6658 (weekly S1) during the day. The Bollinger band and the 100-day SMA keep providing support today, but a fall towards the 0.65 major level also has a solid chance to occur, with the second support cluster located around 0.6520, namely the weekly S2 and 55-day SMA. Technical studies, however, are failing to support the negative outcome.
There are 62% of traders currently holding long positions, whereas the share of sell orders added 18 percentage points, to 81%.