- ANZ Bank New Zealand (based on The New Zealand Herald)
The Kiwi covered 156 pips on Friday, breaching all potential obstacles on its path. Importantly, NZD/USD breached the resistance trend-line before ending the trading day at 0.7656. The technical studies are mixed, thus the New Zealand Dollar has a solid chance to fall versus the Greenback, if the US Existing Home Sales do not disappoint. Support now lies around 0.7501, represented by the 55-day SMA.
The market sentiment deteriorated over the weekend, as the share longs dipped from 29% to 26%. Meanwhile, the number of orders to acquire the Kiwi increased, as 53% of orders are set to buy (previously 41%).