NZD/USD breaches 55-day SMA

Today the NZD/USD currency couple experienced a significant bearish reaction, which has already managed to breach the 55-day SMA, and now the price is facing the 100-day SMA, which is expected to slow down the downtrend. In case it is broken, then the currency pair might decline until the weekly S1 at 0.8149, which is likely to stop the bearish tendency. Additionally, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.

Traders at SWFX market have strong downtrend expectations, since 72% of traders hold short positions and only 28% of traders hold long positions. The situation with orders as well supports the bearish movement, as only 36% of traders ordered to buy and 64% ordered to sell the kiwi Dollar.