NZD/USD checks 0.7909/0.7885

Today NZD/USD is moving much more cautiously than yesterday, but is preserving the downward direction. The first hurdle it will have to overcome, if it is to slide down to 0.7716 in several weeks' time, is located at 0.7909/0.7885. The next support is at 0.7795, but they are unlikely to keep the price at current levels for long. As for the indicators, on a daily time-frame they turned neutral, while being slightly bearish yesterday.

One of the most significant changes that happened overnight was a sharp increase in demand for the New Zealand Dollar. However, considering the fact that the share of bulls is 56%, there is still some room for the pair to descend. As for the orders, 39% of them are to buy the kiwi and 61% are to sell it against the buck.