- Nordea (based on Reuters)
The Kiwi suffered losses against its US counterpart on Tuesday, amid the RBNZ governor's dovish statement. The pair dropped to the second support cluster in face of the 100-day SMA and the weekly PP, which is expected to help the Kiwi regain its bullish momentum today. The NZ Dollar has already managed to negate yesterday's losses and establish a fresh 14-week high. Although the NZD/USD keeps climbing higher, the immediate resistance at 0.6710 could still force the New Zealand Dollar to stabilise around this area.
Although not as strong as yesterday, traders' sentiment remains bearish at 67% (previously 68%). At the same time, the number of sell commands also increased, adding five percentage points to 67%.