NZD/USD descends from 0.8039/22

It seems that the initial attempt to climb over the resistance at 0.8039/22 will be unsuccessful—the currency pair slid 35 pips today and should not find any notable supports until it reaches 0.7904/0.7885—the down-trend, weekly PP and 55-day SMA. From there NZD/USD could try to recover once again, although as soon as and if the price rises up to 0.8161/32, the upward momentum should be changed to a bearish one.

Little by little the sentiment towards NZD/USD is slowly becoming bearish. While the portion of bulls diminished to 45%, the bears now constitute 55% of all the traders, meaning the market suspects that the upward correction we were observing lately is probably nearing its end.