NZD/USD reaches new low

For the second half of May monthly S3 level was keeping the exchange rate more or less stable. Nonetheless, as was implied by the technical indicators, the support gave in, thus paving the way towards the long-term rising support line. However, until the kiwi reaches 0.7726, it will have to push though some of the supports at 0.7943, 0.7896 and 0.7787.

The share of traders expecting a recovery of NZD/USD has increased up to 56% from 53% as a reaction to the recent plunge of NZD/USD. Still, if we look at the orders placed on the pair, a majority of them are to sell the New Zealand Dollar against the U.S. Dollar.