- Graeme Wheeler, RBNZ (based on WBP Online)
Although the Kiwi reached a five year low yesterday, the NZD/USD still closed trade at 0.6617, thus, remaining relatively unchanged. Right now the NZ Dollar is seen appreciating against the Greenback, leaving the channel borders. Even though the given currency pair could preserve its bullish momentum today, the technical studies suggest otherwise. Furthermore, the resistance trend-line of the pattern might still push the New Zealand currency back down, especially after the NZ fundamental data is released near the end of the day.
Both net orders and net positions improved. There are now 49% of long positions, while the number of buy orders increased to 37%.