- Westpac (based on FXStreet)
The NZD/USD behaved according to the forecast, as the currency pair ended the day, settling around the 0.6340 resistance cluster. Moreover, the Kiwi reached a one-month high against the US Dollar and from the early looks appears to have begun recovering from multi-year lows. The NZ Dollar is expected to preserve its bullish momentum, as the immediate resistance was set aside, allowing the pair to climb above 0.65 today. However, the second cluster could still provide sufficient resistance to turn the tables around.
Bears keep gaining numbers, as 69% of all positions are now short (previously 68%). The portion of orders to sell the Kiwi also increased, from 67 to 73%.