NZD/USD underpinned by 0.8237/20

After violating the 15-day up-trend line NZD/USD found support at 0.8237/20, the area which is formed by the monthly pivot point and the 55-day SMA. Now, if the currency pair fails to return back above the 20 and 100-day SMAs at 0.8275/67, the kiwi will be set to decline even further, but is nevertheless likely to have difficulties crossing 0.8200/0.8188.

The SWFX market stayed largely unresponsive to a precipitous fall of the New Zealand Dollar—an overwhelming majority (72%) of traders reckon the dip will extend even further from here. As for the distribution between the buy (43%) and sell (57%) orders, it has become more balanced than it was last week.