NZD/USD depreciates

NZD/USD depreciates together with other Oceania region currencies. The kiwi was unable to breach the weekly R2 level at 0.8429 and the major resistance at 0.8417 in recent trading sessions. Today the pair dropped sharply, touching the weekly pivot point at 0.8368. In case current bearish sentiments remain in the control, the pair should test the PP level more seriously and even might test a 0.9340 area, where the 55-day and 100-day SMAs intersect.

Almost one third of the spot market is occupied by the bulls, since 30% of positions are long and 70% are short, meaning investors tend to bet on a downfall. Placed orders market also demonstrates bearish exposure, as 62% of orders are to sell the New Zealand Dollar.