- UOB (based on FXStreet)
The NZD/USD currency pair's slump on Friday caused the ascending channel pattern to be preserved, with its resistance line remaining intact. The Kiwi edged more than 50 pips lower, falling back under the 0.71 psychological level. Nevertheless, the 0.70 mark is likely to hold for now, with the weekly PP being the closest support and the monthly R1 located slightly under that major level, namely at 0.6987. According to technical indicators, on the other hand, the New Zealand Dollar is to advance today, due to the Buck having no impetus that could provide a boost, thus, oil prices remain the main driver of the given pair.
Traders' sentiment remains bearish, with 59% of all open positions being short (previously 60%). The share of orders to purchase the NZ Dollar remains unchanged at 55%.