- UOB Group (based on FXStreet)
The New Zealand Dollar too was able to almost completely recover from its intraday losses and end the day with a 12-pip loss. The Kiwi is supported by a rather strong cluster, which consists of the weekly PP, the bullish trend-line, the 20, 55 and 100-day SMAs around 0.6620. At the same time, the 200-day SMA is the closest level to limit the surge, while the weekly R1 and the down-trend should contain possible volatility below 0.67. Nonetheless, this week the NZD/USD is expected to breach either trend-line of its triangle pattern, as the exchange rate closes in on the pattern's apex.
Market sentiment reached a perfect equilibrium, but there are 67% of all pending orders to sell the NZ Dollar (previously 49%).