- Nordea (based on Business Recorder)
The NZD/USD ended the day lower on Monday, reaching its target of 0.6455, thus, closing trade between the weekly PP and the monthly S1. The Kiwi edged further down today, but retreated from intraday losses, after commodities negated losses. Nevertheless, the weekly PP keeps providing resistance just above the opening price, while the monthly S2—support below the opening price. At the same time, technical indicators retain distinctly bearish signs, implying the New Zealand Dollar is to turn back into the red zone.
Market sentiment remains bullish, but now at 63%, compared to 66% on Monday. The portion of orders to acquire the Kiwi also deteriorated, falling 11 percentage points to a total of 47%.