NZD/USD gave in to supply at 0.80

As expected, the bullish impetus the Kiwi received at 0.77 did not withstand a collision with 0.80 yesterday. A combined effort of the monthly pivot point, 23.6% Fibo and a four-month down-trend not only stopped the advancement, but forced NZD/USD to retreat more than 100 pips on Wednesday. And while the weekly S1 at 0.7823 may alleviate some selling pressure, the main near-term objective is the 2014 low.

There is a perfect balance between the bulls and the bears right now, as neither party has been able to take control of the market lately. As for the orders, the share of the sell ones plummeted from 70 to 56%.