NZD/USD hikes toward the 50% Fibonacci

The NZD/USD pair appreciated today, following the second week of appreciation. The 55– 100– and 200– day SMAs are still pointing to the south, however, the pair is moving in a completely different direction. Once the pair hits the 0.760, a level that was hold since September 2014 till January 2015, a reverse is expected. During the day, the price ticked to the 50% Fibonacci level at 0.755 and fell to the 61.80% Fibonacci, forming the daily low.

The market becomes more hesitant on whether to buy the pair since only 31% currently are being long. In addition, 42% of all would buy the pair if the prices changes for 50– pips. The 100– pip pending orders are generally bearish for 81% of the case.