© Dukascopy Bank SA
"The polls showing pro-bailout parties are gaining momentum resulted in a rise in the euro by one cent and that has had a positive effect on some of the risk markets, including equities."
- Philip Shaw, chief economist at Investec Securities Securities Co. (based on MarketWatch)
Pair's Outlook
NZD/USD opened higher today as the possible of the Grexit faded after the Greek polls showed the political parties, favouring the continuation of bailout, are leading. However, the bearish momentum remains strong, and NZD/USD might slump towards an initial support level at 0.7573. Support levels at 0.7470 (S1 Weekly) and 0.7417 (Lower Bollinger band) to remain in focus once there is a breakout of the initial support level.
Traders' Sentiment
NZD/USD pair continues to be overbought, as the vast majority (86%) of market participants have acquired Kiwi against the USD Dollar. Accordingly, only 14% of trades are bearish.
© Dukascopy Bank SA