© Dukascopy Bank SA
- IG Markets (based on Business Recorder)
Pair's Outlook
The New Zealand Dollar declined beyond expectations on Monday, reaching the weekly S1 at 0.6296, but stabilising 0.6326. Although the weekly S1 is bolstered by the 0.63 major level, which held the pair afloat last week, the given support cluster is unlikely to prevent a deeper fall. The Kiwi is still in its 13-month bearish trend and is now beginning its journey to the 2009 Q3 low, where it coincides with the down-trend just under the 0.62 psychological area, which should be reached by week's end.
Traders' Sentiment
Bulls gave up again, allowing the bears to take over the market, accounting for 57% of it. Sell orders also exceed the buy ones by 12 percentage points.
© Dukascopy Bank SA