The New Zealand dollar steadies as market sentiment tries to stabilise amid bank rescues. After flirting this month’s high of 0.6270 over the 30-day SMA, two shooting star patterns indicate the bulls’ struggle to push beyond. Their long upper shadows are a sign of double rejection. However, buyers were eager to buy the dip near 0.6150 and helped the kiwi recoup all the losses. A break above 0.6260 would prompt the bears to cover and signal that a bullish reversal is under way with 0.6370 as the next target.
