- Westpac (based on FXStreet)
The New Zealand Dollar's performance was similar to its Australian counterpart's, as the NZD/USD currency pair rallied 80 pips, but in this case was unable to breach the closest monthly pivot, namely the monthly R1. Technical indicators today imply that the Kiwi is to outperform the US currency, but the resistance at 0.6759, namely the monthly R1, appears to be too tough to be pierced just yet. The Kiwi now risks falling back under the 0.67 mark, while the 20-day SMA and the nine-week up-trend form a solid support around 0.6670. The bullish trend could be broken if RBNZ's governor states that more NZD weakness is required.
Market sentiment remains bearish at 53%, whereas the percentage of purchase orders is higher again, taking up 60% of the market.