- Bancorp Treasury Services (based on The New Zealand Herald)
On Tuesday, the NZD/USD experienced substantial volatility on Tuesday, as the pair reached the daily high of 0.7444 and the low of 0.7337. Ultimately, the Kiwi declined against the US Dollar, but lost only 14 pips. Today the New Zealand Dollar is likely to edge down again and reach the support at 0.7325; however, a fall to the lower Bollinger band or even lower is not out of the question. Meanwhile, technical indicators retain bearish signals, bolstering the negative outcome.
Market sentiment has reached a perfect equilibrium. Meanwhile, the number of buy commands lost eight percentage points. The orders now account for 58% of the market.