- Danske Bank (based on FXStreet)
The Kiwi experienced substantial volatility to the upside, but remained relatively unchanged yesterday. The NZD/USD currency pair remains supported by a the lower Bollinger band, the monthly S1 and weekly S2 around 0.6450, which is likely to push the NZ Dollar further up today. Immediate resistance is located at 0.6533, namely the weekly S1, but will doubtfully have sufficient strength to hold the Kiwi from rising further, whereas the 20-day SMA is a more reliable mark. Technical indicators shifted from bearish to mixed, increasing the chances of the NZ Dollar outperforming the Buck.
Today 40% of all positions are long, compared to 39% previously. The percentage of orders to acquire the NZD increased up to 42%.