NZD/USD declines to the weekly R1

The NZD/USD declined today amid the weekly gains and traded at the R1 level, 0.751. A break below will highlight the way toward the monthly PP at 0.745, whereas the next resistance line is situated very close to the current price– 0.755, Bollinger band. The pair was continuously appreciating for three weeks in a row. Therefore, a temporary correction is likely.

The market becomes more hesitant on whether to buy the pair since only 26% currently are being long. In addition, 43% of all would buy the pair if the prices changes for 50– pips. The 100– pip pending orders are generally bearish for 81% of the case.