- Bank of New Zealand (based on The New Zealand Herald)
On Wednesday the Kiwi failed breached neither the closest support nor the resistance, thus traded flat by the end of the day. Technical studies retain their bearish signals, but the broad USD weakness today is helping the NZD/USD to climb higher. The second resistance cluster was already tested, but managed to push the NZ Dollar slightly back, leaving it in limbo between the two closest resistance clusters. Ultimately, the given pair is expected to stabilise near the major level of 0.65, unless the US fundamentals disappoint, triggering a rally beyond 0.6540.
Today 59% of all open positions are long (previously 53%), whereas the ratio of the buy and the sell orders is now equal to one.