NZD/USD erodes 0.7952/32

NZD/USD extends its dip, sliding down to the support at 0.7952/32. However, this is highly unlikely to be a floor, the bearish momentum should persist until a deeper level is reached. The strongest medium-term supports are deemed to be 0.7855/28 and 0.77, there the decline could be delayed, but the long-run perspective is nonetheless considered to be negative.

SWFX traders' sentiment towards NZD/USD is bearish at the moment, given that the amount of short positions (57%) exceeds the amount of long positions (43%). In the meantime, on average in its crosses the kiwi is bought 39% of the time, one of the lowest readings among the major currencies.