NZD/USD returns to 0.7752/31

For the time being a rebound from the bullish trend-line at 0.7752/31 does not appear to be an initiation of a robust recovery—NZD/USD again started gravitating towards the support without the price reaching the nearest resistance at 0.7918/0.7895. Eventually, the price should slide even lower, closer to a combination of the weekly and monthly S2.

The sentiment in this currency pair is perfectly the same as yesterday, when a majority (57%) of market participants were keeping long positions on NZD/USD, believing the bearish momentum has been exhausted. In the meantime, 40% of orders are the buy and 60% are the sell ones.