- HiFX (based on The New Zealand Herald)
Although the New Zealand Dollar weakened against the US currency last Friday, losses were barely noticeable, as the pair edged down only five pips, remaining trapped between the 55 and 100-day SMAs. Bears took over today, forcing the Kiwi to fall beyond 0.65, also breaking the one-week consolidation trend. Despite such a strong decline, the NZ Dollar lacks the strength to penetrate the barrier around 0.6470. Nevertheless, a close around the 0.65 major level is the most probable outcome, while technical studies are supporting the possibility of a slump.
Bullish traders' sentiment returned to last Monday's level of 55%. The portion of sell orders increased again, adding 6% points to 61%.