- Bank of New Zealand (based on The New Zealand Herald)
Upon reaching the lower Bollinger band at 0.6620, the NZD/USD currency pair was pushed back, what stimulated the bullish momentum to be regained. Furthermore, the Kiwi was able to retake the 0.67 level and is aiming to rise again today. The weekly pivot point remains the immediate resistance area, but once it is overcome, the NZ Dollar can set a new target of the July 2010 low. Meanwhile, technical indicators are on the contrary showing bearish signs, suggesting the New Zealand currency is to weaken again.
Bulls keep falling back, as only 61% of all positions are long today, compared to 66% yesterday. Concerning the pending orders, only 19% of them are to acquire the Kiwi, down from 56% yesterday.