- Oanda (based on Market Watch)
The NZD/USD fell down on Wednesday, edging closer to the second support cluster just under 0.66. However, trade barely managed to close under the immediate support, implying that there is no sufficient supply to keep pushing the pair lower. As a result, the Kiwi has a solid chance to regain the bullish momentum, but will doubtfully stabilise above yesterday's opening price, due to the weekly R3 providing resistance close by. Furthermore, a strong reading of the US fundamentals might even push the NZ Dollar down to 0.66, where the monthly PP rests.
Bearish SWFX traders' sentiment barely changed, with 62% of all positions now short. The share of sell orders slid from 53 to 52%.