- Rabobank (based on The New Zealand Herald)
Yesterday the Kiwi added 75 pips, as it ignored the 100-day SMA. The currency also managed to challenge the Bollinger band, but ended the trading session at 0.7650. The New Zealand Dollar is now poised for a bounce back, and the pointing-south technical indicators are bolstering this outcome, unless the country's trade balance data improves more than anticipated. Immediate support is located at 0.7628, represented by the recently broken long-term moving average.
The portion of long positions increased from 26% to 35%, whereas the number of buy orders went up one percentage point, from 53 to 54%.