- UOB Group (based on FXStreet)
On Wednesday, the Kiwi managed to edge up a little, despite serious volatility during the trading session. The 200-day SMA provided the required support for the NZD/USD pair to turn the tide. Technical studies retain mixed signs, unable to bolster neither the bullish, nor the bearish scenario. Nevertheless, we still expect the NZD/USD pair to edge up at least towards the monthly R1, unless the US fundamentals surprise with outstanding data. In the worst case, the Kiwi might retreat back to 0.76, while our prospect suggests the New Zealand currency will end trade between 0.77 and 0.7737.
Traders' outlook towards the Kiwi improved from 27 to 30%, whereas buy commands now account for 47% (previously 46%).