- A dealer at an international bank in London (based on Reuters)
The Kiwi behaved according to the forecast, as it declined for the fifth day in a row. The five-year low was tested once again, but the NZD/USD remained strong above it. As a result, the NZ Dollar is likely to rebound today, despite technical studies retaining their mixed signals. The immediate resistance barrier is still represented by the 20-day SMA at 0.6601 and is going to be rather difficult to penetrate, although a surge to 0.6632, namely the monthly PP, is not out of the question.
Market sentiment slightly improved, as 47% of all positions are long, compared to 43% previously. Meanwhile, the number of sell commands added three percentage points, up to 75%.