- Raiko Shareef, BNZ (based on WBP Online)
Despite the New Zealand trade balance missing the estimate by a wide margin, the pair still managed to edge up. But the gains were insignificant, and the Kiwi remained relatively unchanged against the US Dollar. The daily technical studies remain mixed, but the worse-than-expected US fundamentals are likely to weigh on the Greenback. Thus, the rate will probably surge again up to the 0.7720, where a resistance cluster lies.
SWFX market participants' attitude towards the New Zealand Dollar worsened, as 31% of all positions are now long. Meanwhile, the number of buy orders decreased, allowing the bears to take over: 59% of traders are now willing to sell the Kiwi.