NZD/USD 1H Chart: Channel Down

Since there is a formidable resistance at 0.7950 represented by a multi-month down-trend (drawn through August and October highs), the outlook for NZD/USD is bearish. Yet another significant supply area is implied by the 200-hour SMA at 0.7879. Therefore, NZD/USD is expected to negate the recent gains in the nearest future and re-visit this year's minimum at 0.77.

In the meantime, the technical indicators are largely mixed (only daily studies are somewhat negative) and the SWFX market is undecided—50% of traders plan to profit from a rally and 50% from a dip.