- RBC Capital Markets (based on Reuters)
The 20-day SMA helped the New Zealand Dollar to remain in the green, even though the pair closed with only a nine-pip rally yesterday. The down-trend was confirmed and tested again today, with the table turning around; the weekly PP and 20-day SMA are failing to provide sufficient support to prevent the NZD/USD from falling deeper down. The Kiwi now might reach the expected target of 0.67, whereas the monthly PP is to limit the losses in case the mentioned major level is pierced.
Bears keep dominating the market with 58%, compared to 52% yesterday. The gap between the buy and the sell orders narrowed to 2% points, with the sell ones taking up the majority the market.