- Mike Meyer, EverBank World Markets (based on Reuters)
The NZ Dollar suffered losses against the Greenback for the third day yesterday. Immediate resistance failed to stop the decline, while the weekly S1 at 0.7438 succeeded. The NZD/USD pair is likely to rebound on Friday, with the nearest resistance located at 0.7510, namely the 100-day SMA. However, gains could also not extend further than the 0.75 psychological level. Technical studies retain their mixed signals, unable to confirm either scenario.
Market sentiment among SWFX traders remains bearish, with the share of bulls unchanged at 41%. At the same time, the percentage of buy commands decreased by six percentage points. Today 52% of orders are to purchase the New Zealand Dollar.