NZD/USD failed to hold above 0.7961; might fall further

NZD inched lower against the American dollar, holding a mild bearish bias. If it intensifies, 0.7810 is likely to be the next target for bears, which successful breach would expose 0.7742 (PP/S2 Monthly) and 0.7678 (23.80% Fibo). However, 0.7810 is prone to become a strong support, from which bullish investors are probably going to initiate bullish correction.

Within SWFX marketplace sentiment of market participants towards NZD/USD remains bullish. Currently, 55% of positions are bullish whereas 45% of traders expect the pair to decline over the short-term. At the same time, 54% of investors expect the currency couple to continue a decline.