- Kimberly Martin, BNZ currency expert (based on The New Zealand Herald)
Yesterday the Kiwi bounced back after a two-day rally. The currency went through the weekly PP and the 20-day SMA, before ending the trading day at 0.7476. Afterwards the NZD/USD pair tested support at 0.7449, but had insufficient strength to breach it. Technical indicators for Friday are giving bullish signs. On the other hand, the US Non-Farm Payrolls, which were released better than expected, suggest the New Zealand Dollar will plunge. The cluster of supports at 0.7449 is likely to be ignored, and the pair might settle between this level and the lower Bollinger band.
Today 35% of traders are long, compared to 33% previously. The portion of purchase orders slid from 66% to 45%.