NZD/USD stalls at 0.7798

A three-day long decline in NZD/USD appears to have come to an end, considering that the price has almost not deviated from the today's open at 0.7842, just ahead of the last weekly support at 0.7798. During the previous three days, on the other hand, the currency pair had covered more than 270 pips and we still view it as capable of descending even deeper.

The attitude towards the New Zealand Dollar is improving and there are more and more traders opening long positions on the currency. NZD/USD did not ignore this tendency, but rather is on its forefront—now the bulls are in the ascendancy there, taking up 58% of the market.