- ANZ (based on The New Zealand Herald)
Upon edging closer to the resistance trend-line the NZD/USD was pushed back down. Ultimately, the target was missed, as the Kiwi settled at 0.6680, rather than at the weekly PP. Furthermore, the New Zealand Dollar is expected to rebound today, while technical studies keep showing bearish signs. Immediate resistance is located at 0.67, namely the weekly PP, but we could see the NZ Dollar test the upper border of the descending channel again, which, in turn, should cause the tide to turn tomorrow.
Bulls remain strong, as 71% of traders are long the Kiwi today. At the same time, there are less orders to purchase the New Zealand currency, namely only 42% (previously 47%).