- Bancorp Treasury Services (based on The New Zealand Herald)
On Monday, the New Zealand Dollar slightly declined against the US currency. Nevertheless, the NZD/USD failed to reach the target level, as it settled at 0.6670, but with the pair still being open to risks of falling. Technical indicators retain their mixed signals, unable to bolster the negative outcome, but we still believe the pair is to suffer more losses, prolonging the bearish trend.. Immediate support is now located around 0.6610, namely the lower Bollinger band and monthly S1.
Bullish market sentiment remains unchanged at 69%. At the same time, the portion of commands to acquire the Kiwi declined 26 percentage points. The orders account for only 27% of the market.