- Raiko Shareef, BNZ (based on WBP Online)
The Buck outperformed the Kiwi despite weak fundamental data. Even though the pair tried to go up, the ultimate movement was to the downside. The New Zealand Dollar lost 46 pips versus the Greenback and closed the day at 0.7603. Even though the technical indicators are giving mixed signals on the daily frame, the pair is likely to tumble amid better-than-expected US Jobless Claims data. Nearest support is at 0.7493, represented by the 55-day SMA, but it is doubtful the currency will fall that far today.
The short remain in a dominant position, and 72% of traders have a bearish outlook towards the Kiwi. Meanwhile, the buy orders are now in a fragile majority with 51%.