NZD/USD is inclined to step lower

NZD/USD appears to have failed to gain a foothold above the bullish line, which preserved upside bias of the pair. Conversely, the 200-day SMA, being the core of a support area from 0.8070 to 0.8036, seems to be unwilling to expose lower levels, located at 0.7983 and 0.7904. In the longer term, since 0.8158/81 is no longer intact, the chance of 0.76 being reached has increased dramatically.

Nearly three out of four traders (74%) are currently bearish towards NZD/USD, expecting extension of the dip, thus leaving bulls in a distinct minority (26%). Sell orders (53%) also exceed buy orders (47%), adding to bearishness of the pair, although to a considerably lesser extent.