NZD/USD is supported by SMAs

The currency pair has been experiencing volatile trading sessions lately, rising up to 0.8408/05 and then falling back to the initial level at 0.8337/33. Regardless of this indecision and instability in the market, technical indicators suggest development of a bullish scenario, especially on weekly and monthly timeframes. If this holds true, then NZD/USD should once again come up to the key resistance at 0.8476.

According to SWFX sentiment index, NZD/USD currency pair is oversold to a substantial extent, as only 28% of positions are long and the rest, 72%, are short. Among pending orders, there is a tendency for the share of sell orders (59%) to enhance their advantage over the buy ones (41%).