- Commonwealth Bank (based on Business Recorder)
The Kiwi also benefited from rising commodity prices yesterday and, thus, outperformed the US Dollar. The immediate resistance cluster was pierced, but the target, namely the 20-day SMA, was not reached. Today the New Zealand Dollar is supported by the same cluster, while the 20-day SMA is providing resistance. However, the closest resistance will doubtfully hold the pair from surging in case the US fundamentals disappoint, leaving the door open for the down-trend to get tested. Positive data, on the other hand, is likely to push the NZD/USD back under 0.65.
Although not as strong as yesterday, but market sentiment remains bullish at 53%. The share of buy orders declined from 43 to 33%.