- Bank of New Zealand (based on The New Zealand Herald)
As predicted, the New Zealand Dollar managed to recover from intraday losses and put the down-trend to the test, stabilising at 0.6713. The resistance line is now bolstered not only by the Bollinger band, but also by the weekly and the monthly R1s, making this cluster impenetrable today. Meanwhile, the nearest level to limit the dips lies at 0.6687, represented by the 200-day SMA, but a slump towards the cluster circa 0.6625 is more like. Demand around that area is strong, thus, downside volatility should be contained, at the furthest, by the 0.66 major level.
Market sentiment edged closer to the equilibrium, as 52% of all open positions are long. There are 75% of orders to buy the Kiwi.