- U.S. Bank Wealth Management (based on Bloomberg)
The NZ Dollar outperformed its US counterpart yesterday, as the pair edged higher towards the down-trend at 0.6710. Consequently, we expect the Kiwi to bounce from this resistance line today, as the apex of the current triangle is yet to be reached by week's end. The only obstacle on the NZD/USD's path is the weekly R1 at 0.6688, which if not to limit the losses, then might at least slow down the decline. In case demand at the immediate support fails, we can expect the second cluster around 0.6650 to limit the losses.
SWFX traders' sentiment is equally divided between bulls and bears, whereas the portion of orders to acquire the Kiwi added 52 percentage points. The orders now take up 85% of the market.