- Societe Generale (based on Reuters)
On Friday, the Kiwi managed to extend its rally, erasing the last week's decline and even some of earlier losses as well. The pair gained 93 pips, paying zero attention to the SMAs on its path. Today, the New Zealand Dollar is expected to appreciate against the Greenback again, as technical indicators suggest; however, a dense resistance cluster is on the way. The 0.7700 barrier has very low chances of being breached, and the pair is likely to end the trading session between 0.7637 and 0.7668.
SWFX traders are equally divided between the bulls and bears However, the share of orders to acquire the Kiwi contracted. Now, only 47% of pending orders are to buy the New Zealand Dollar.