- Scott McCullough, Travel Money NZ (based on The New Zealand Herald)
No surprises concerning NZD/USD pair occurred yesterday. The US Dollar outperformed its New Zealand counterpart, and the rate dropped to 0.7504, just four pips above the forecast. However, the second resistance (55-day SMA) was still tested during the day. As for Wednesday, the Kiwi is set to rebound after a two-day loss, whereas the technical indicators are generating bullish signals. Two resistance levels are on the way, but they are likely to be easily breached. Gains should be limited by the trend-line at 0.7628, while the most anticipated outcome is a close around 0.7560.
Shorts are prevailing with 72% over 28% for longs, while the majority (52%) of orders is set to acquire the Kiwi (previously 43%).