- BK Asset Management (based on The New Zealand Herald)
Even though the NZD/USD pair tested the 55-day SMA resistance level, a 13-pip decline still occurred. The 100-day SMA failed to provide support, which resulted in the pair's disappointment. Today's situation is similar to the one on Wednesday, as all signs point to a rally. However, we expect the pair to edge down, with immediate support resting at 0.7452, represented by the Bollinger band. Meanwhile, technical indicators retain mixed signals, unable to confirm the forecast.
Even more traders have a positive outlook towards the Kiwi, as 41% of them are now long the NZ Dollar. The percentage of commands to acquire the New Zealand currency increased from 51 to 58%.