NZD/USD extends the loss

The NZD/USD went lower to test the weekly S2, which is the next support level. The Alligator indicator is still highly bearish, while the RSI is oversold. If the New Zealand Dollar continues to depreciate versus the US counterpart, the next major support level is the weekly S2 and April 2010 high at 0.719/718. So far, this is a third consecutive decline of the pair and the NZD lost about 627 pips from the beginning of January 2015.

The market added some buyers as 41% of all are holding long positions. Meanwhile, half, the round number of 50%, of all traders are holding their 50– pip and 100– pip pending orders short.