- ANZ Bank New Zealand (based on The New Zealand Herald)
The Kiwi behaved in accordance with the forecast last Friday, edging up, but slightly less than anticipated. The NZD/USD pair tested the resistance at 0.7741, before ending the trading session at 0.7672. The initial cluster of important levels prevented the New Zealand Dollar from substantial gains. On Monday a correction is likely to happen, while technical indicators are emitting neutral signals. The nearest significant support lies at 0.7655, namely the 200-day SMA; however, a fall that sharp is unlikely to happen.
Bearish sentiment grew stronger, with 27% of traders being short the Kiwi. Meanwhile, there are less commands to acquire the NZ Dollar, accounting for only 40% of the market.