- Bank of Tokyo-Mitsubishi (based on FXStreet)
The NZ Dollar tried to gain some value, but the monthly PP forced it to bounce back. As a result, the Kiwi declined 40 pips against the US Dollar, with the 100-day SMA and the Bollinger band preventing further losses. Technical studies are now mixed in the daily timeframe, whereas a slight rebound is expected. The nearest resistance lies at 0.7548, represented by the 55-day SMA, although the NZD/USD pair is unlikely to reach that high. Furthermore, the Kiwi should at least close trade over the 0.75 level once again today.
More traders have a positive outlook towards the NZD/USD, as 39% of them are now long the Kiwi (previously 25%). Meanwhile, the portion of purchase orders returned to its Monday's level of 51%.