- Westpac (based on FXStreet)
The Kiwi's rally last Friday was insufficient to erase the two-week losses completely. Nonetheless, the NZD/USD appears to have entered a corrective down-trend, after having surged for three weeks straight. The NZ Dollar tested the trend-line earlier today, but due to the price opening in front of the weekly PP, the commodity currency is having trouble to maintain trade close to the down-trend. Technical studies suggest a rally today, even though there is little room for that, leaving the possibility for a decline to 0.67 open.
Traders' outlook towards the Kiwi improved, as 48% of all positions are now long (previously 44%). The number of orders to acquire the NZD, however, declined from 45 to 38%.