NZD/USD capped by 0.7855/38

As soon as NZD/USD hit the down-trend resistance line at 0.7855/38, the currency pair was sharply sold off—it is now being traded at the key support—0.7730, settlement below which will reinforce the bearish outlook. From there the price is likely descend down to 0.7454, piercing through the supports at 0.7665, 0.7606/0.7573 and 0.7487.

Judging by the traders' sentiment towards NZD/USD, a majority see the support the currency pair has been struggling with lately as impenetrable, positioning themselves for a rally from the current levels. Among the pending orders, there is a notable advantage in numbers of the traders willing to sell (58%) over those willing to buy (42%).