NZD/USD kept afloat by 100-day SMA

NZD/USD is struggling to recover after a strong sell-off (100 pips) that took place early this week. For now the support provided by the 20, 55 and 100-day SMAs is sufficient not to let the New Zealand Dollar to give up any more ground, and the daily studies stay optimistic. However, in the end the resistance at 0.84 is likely to prove to be too tough for the bulls to handle.

Interestingly enough, the distribution between the bulls and bears in NZD/USD is exactly the same as yesterday and five days ago—30% of traders expect the kiwi to gain value and 70% of them are convinced its worth is going to be eroded. Concerning the orders, 42% are to acquire and 58% are to sell NZD against USD.