- ANZ Bank New Zealand (based on The New Zealand Herald)
The Kiwi met expectations on Monday, as it settled in front of the second resistance cluster around 1.6495. However, the situation is unclear now, with the Bollinger band and the 55-day SMA supporting the pair directly below the spot price. Although the NZD/USD is trading in limbo right now, attempts to breach the weekly and monthly R1s was made. Technical studies are now giving bullish signals, suggesting the pair could climb to a fresh six-week high, but with persisting risks of ending the day with a slight decline.
The gap between bulls and bears narrowed, as 45% of all positions are now long and the remaining 55% are short, whereas the portion of sell orders dropped eight percentage points to 65%.