- Olympian Capital Management LLC (based on Bloomberg)
The NZD/USD pair stayed mainly unchanged for the end of the week, as the pair slightly edged up from Thursday's slump. The pair failed to pierce the 50% Fibonacci retracement level at 0.7552. According to the technical indicators the New Zealand Dollar is likely to increase again through Monday, but the weekly aggregate arrow is pointing south, indicating a decline. Meanwhile, the closest support still remains at the 50% Fibo, while the nearest resistance near the 61.80% Fibo and weekly S1.
Although the bearish sentiment is not as weak as on Friday, there are still more bears than bulls, they constitute 58% of the market. At the same time, the portion of sell orders is at 60%.