NZD/USD fails at 0.8290

Although daily studies speak in favour of a strong rally (five out of eight are bullish), NZD/USD is moving in the opposite direction, as the weekly pivot point at 0.8290 turned out to be impenetrable. Accordingly, now we may look at 0.8200/0.8191 and 0.8156/41 as the levels that may restore the new Zealand's tendency to appreciate relative to the greenback.

Market sentiment remains strongly bearish. Currently 72% of all traders expect depreciation of the kiwi against the greenback. Majority of pending orders, however, are in favour of the bulls - 62% of traders intend to go long on the pair.