- ANZ Bank New Zealand (based on The New Zealand Herald)
The Kiwi came close to testing the 100-day SMA yesterday, but ultimately stabilised at the immediate resistance, namely the Bollinger band. Today the Bollinger band is providing support along with the 55-day SMA, while the immediate resistance is the 100-day one. Technical studies retain their mixed signs, indicating a possibility of a quiet trade today. The NZD/USD is likely to remain within the borders of 55 and 100-day SMAs, but with a slight shift higher, as the NZ Dollar should begin recovering towards the down-trend.
Bullish market sentiment remains unchanged at 55%, while the share of sell orders gained three more percentage points, up to 71%.