- BNZ (based on FXStreet)
The NZD/USD pair experienced another setback in its newly-arisen medium-term bearish trend, as it edged slightly higher on Monday. Yesterday's technical studies confirmed the outlook, but they remain bullish today, implying that the Kiwi is to continue rising against the US counterpart. We, however, assume that the downside development is to prevail, as the New Zealand Dollar recently reconfirmed the ascending channel pattern's resistance line and is now expected to move towards the support line. The weekly PP today is the closest support, whereas the monthly R1 is more reliable and is likely to keep the pair elevated above 0.70.
Traders' sentiment remains bearish, with 56% of all open positions being short. The share of buy orders increased from 55 to 57%.