- ANZ Bank New Zealand (based on The New Zealand Herald)
As was anticipated, the Kiwi weakened against the US Dollar at the end of last week, with trade closing near the target support. Today the weekly PP and the monthly S2 form a cluster around 0.6455, which is providing rather strong demand and should prevent the NZD/USD currency pair from edging too low. A decline is likely, as technical studies retain distinctly bearish signals in the daily timeframe. However, with the closest supply area located near the 0.66 major level, the NZ Dollar has sufficient room for a rally.
Bullish traders' sentiment returned to last Thursday's level of 66%. At the same time, the number of orders to acquire the Kiwi dropped three percentage points lower, down to 58%.