© Dukascopy Bank SA
"While the general tone in markets was quite positive on Friday night, this appeared to have little direct impact on the risk-sensitive New Zealand dollar."
-Bank of New Zealand (based on The Wall Street Journal)
Pair's Outlook
Choppy sessions on the pair continues as it remains bounded by Bollinger band. Technical indicators point at recovery of the pair which is very likely if it manages to return above 0.8178/85 where it should receive a strong bullish impetus. Otherwise, due to lack of strong support levels pair might easily drop to 0.81 area.
Traders' Sentiment
Bearish sentiment on the pair remains strong and hovers above 70% mark for third consecutive day (71% today). Distribution of pending orders does not suggest any changes in sentiment in the near future as 62% of orders are to sell.
© Dukascopy Bank SA