NZD/USD may slip beneath 0.8317/10

Although NZD/USD has not yet decisively breached the support at 0.8317/10, there are almost no doubts that the weekly pivot point, together with the monthly R2, will fail to halt the pair from moving farther south. Accordingly, there are now reasons to suspect that 0.82 (weekly S1, 2008 highs and 2013 Q1 lows) may be reached prior to emergence of a rally.

Today the price has been moving in the direction supposed by the majority of traders, namely downwards. As a result, some of them realised the gains and their portion dropped to 71%; but there is still plenty of open short positions left compared to the amount of the long ones.