- Bancorp Treasury Services (based on The New Zealand Herald)
In spite of the Kiwi falling to a new four-month low against the Greenback yesterday, a strong reading of the manufacturing index caused the pair to close with a 20-pip rally. The New Zealand currency retested the weekly PP at 0.6476 today—the level it was unable to breach through all of the week; but technical indicators insists the NZD/USD is to slump today. The closest support lies at 0.6363 in face of the weekly S1, even though the NZD struggled to pierce the 0.64 level through all of the week, whereas the possibility of a rally persists, with the target level still being the weekly PP.
Today 66% of all open positions are long, compared to 67% yesterday. The share of sell orders decreased from 74 to 54%.