NZD/USD breaches 20-day SMA

The New Zealand Dollar maintains a strong correlation with other Oceania currencies and depreciates heavily from the weekly R1 level at 0.8587. The kiwi plummeted through the major resistance at 0.8534 and reached the 20-day SMA at 0.8493. Analysing further perspectives, the pair's depreciation should be quickly eased by the weekly PP at 0.8473, but in case the current move is stronger than it might be seen, the next support is at 0.8385, where the 55-day and the 100-day SMAs intersect the weekly S1.

The New Zealand is under bearish pressure, as there are 73% of short positions anticipating to see a further depreciation. Pending orders segment is "only" slightly bearish comparing with the spot market, since 65% of orders are short.