- ANZ Bank (based on The New Zealand Herald)
Unlike other commodity currencies, the New Zealand Dollar sustained a heavy loss last Friday, plunging more than 90 pips. However, the NZD/USD put the resistance trend-line to the test before having slumped. Today risk appetite returned to the markets today and is contributing to the Kiwi's potential recovery against the Buck. The nearest supply area on the pair's path is unlikely to stop the rally, whereas the 200-day SMA at 0.6683 is expected to succeed. Technical indicators also suggest the NZ Dollar is to leave the US behind.
Today 53% of traders hold long positions (previously 52%), while the number of orders to acquire the Kiwi declined from 75 to 55%.