- BNZ (based on WBP Online)
The Kiwi managed to remain elevated against the US currency yesterday, after experienced rather high volatility. The tough demand area around 0.6635, represented by the weekly S1, the 55, 100 and 200-day SMAs, is likely to prevent the NZD/USD currency pair from falling deeper down. According to technical indicators, the New Zealand currency is to appreciate, with the 20-day SMA acting as the closest resistance. However, gains are to exceed this level and put the 0.67 major level to the test. The second resistance area lies out of reach around 0.6745, namely the weekly PP and the monthly R1.
Bulls and bears broke out of the equilibrium, now taking up 47% and 53%, respectively. Meanwhile, sell orders are outnumbering the purchase ones by only 2% points.