Technical picture
I see resistance area (orange rectangle) and price action confirmed by candlestick set up (dark cloud cover). Also general trend is down that adds confidence to short position.
Also if to look at the stochastic (14 3 3) on H4, overbought condition can be observed.
Fundamental picture
As Eurozone still stays anxious about Greece problems and on the back view of carrying on QE program relative strength of NZD higher. NZ has some problems with inflation indeed like every major but still it's the highest high-yielding currency that experiences relatively better times than Eurozone.
I see resistance area (orange rectangle) and price action confirmed by candlestick set up (dark cloud cover). Also general trend is down that adds confidence to short position.
Also if to look at the stochastic (14 3 3) on H4, overbought condition can be observed.
Fundamental picture
As Eurozone still stays anxious about Greece problems and on the back view of carrying on QE program relative strength of NZD higher. NZ has some problems with inflation indeed like every major but still it's the highest high-yielding currency that experiences relatively better times than Eurozone.