- Bank of New Zealand (based on The New Zealand Herald)
The New Zealand Dollar edged lower yesterday, breaching the immediate support cluster, but managing to close trade above 0.65. Today the same cluster is weighing on the NZD/USD currency pair, along with bearish technical indicators, increasing the possibility of the negative outcome. The weekly and monthly S1s are forming a support cluster around 0.6465, but the Kiwi might still refuse to drop under 0.65. As a result, the 20-day SMA has a chance of getting reached, currently located at 0.6578.
Bullish SWFX traders' sentiment remains unchanged at 57%. Meanwhile, the number of orders to acquire the Kiwi added 14 percentage points. The commands now take up 43% of the market.