NZD/USD marches towards 66 cents

At this very moment NZD/USD is forming a bearish channel, and the pattern together with the majority of technical indicators suggests that the New Zealand Dollar will confirm resistance at 0.6760 and begin a new bearish wave towards the 200-day SMA. In the larger picture, however, the pair has been bullish since the last quarter of the previous year, meaning the slide from 0.7050 is to end near 66 cents, where the Kiwi is expected to meet the lower bound of the senior ascending channel.

Percentage of bulls decreased, but the sentiment remains neutral—50% of positons are still long. As for the orders placed near the spot, the portion of sell ones grew from 55 to 69%.