- Westpac (based on FXStreet)
The NZD/USD currency pair declined for the sixth consecutive day on Tuesday, despite having reached the weekly PP at 0.6617. Technical indicators are now giving bullish signals, suggesting the Kiwi is to outperform the Buck today. The 0.66 major level will doubtfully be retaken, as the NZ Dollar fell only lower during the weak, after unsuccessfully attempting to reclaim the area. The nearest resistance now rests at 0.6590, namely the 20-day SMA, but it too might remain out of reach due to lack of market movers for the New Zealand Dollar.
Bearish market sentiment returned to its Monday's level of 57%, whereas there are still a lot of orders to sell the Kiwi, namely 74%.