NZD/USD reached 0.8039/03

NZD/USD is approaching a tough resistance zone at 0.8039/03 (weekly and monthly R1), which could initiate a considerable sell-off, but we see 0.7905/0.7885 as a floor for short-run fluctuations. There the kiwi has a formidable base that is ample to prevent a possible correction from turning into a medium-term decline. Still, we retain negative long-term bias towards the pair.

The gap between the shares of bulls (47%) and bears (57%) widened, but on the whole the SWFX traders' sentiment is still neutral, since the difference is nonetheless minimal. However, if we look at the orders placed on the pair, there are nearly three times more sell orders (74%) than buy ones (26%).