- Westpac Banking Corp (based on The New Zealand Herald)
There were no surprises with the NZD/USD pair. A rally took place yesterday and the New Zealand Dollar ended the trading session at 0.7508. However, attempts to edge higher were made on occasion. The Kiwi is likely to climb up again today and this time the 0.7546 level might be crossed. Closest resistance, however, is located at 0.7529, where the 20-day SMA stands. At the same time, the technical studies are bullish, suggesting further growth. Any substantial gain should be limited by the trend-line at 0.7598.
Traders' outlook towards the Kiwi improved, as 30% of them are now long the NZ Dollar. The distribution of pending orders shifted to the bullish side, as 61% of orders are to acquire the currency.