© Dukascopy Bank SA
"What we're seeing is a general risk-off move, including the New Zealand dollar, which gapped significantly lower at the open following the update from Cyprus."
- IG Markets (based on The Australian)
Pair's Outlook
Similar to the most of the other major pairs, NZD/USD started the week 50 pips below the last weeks closing price. Almost immediately it started picking up, but 200-day SMA which it is testing, does not seem to be up for giving up easily. Daily technical indicators suggest that pair is not yet ready to advance further and some time should pass until it starts appreciating again. Consequentially, advancement above 200-day SMA remains questionable.
Traders' Sentiment
Bears continue to dominate the market with share of their positions not falling much below 70% gauge. It does not seems that bulls will manage to be much of a problem in the future either as pending orders are almost equally divided between the bears and the bulls.
© Dukascopy Bank SA