NZD/USD meets the 4 hour SMA

The NZD/USD rushed this Monday to meet the 4 hour 200-SMA and rebounded from its level at 0.78. However, the pair looks like to be opening its way towards the daily SMA (55) at 0.784, that will be met in case of a break above the weekly R1 at 0.78 before it slides back. The reason for it to lose the momentum is seen from the pointing to the south SMA's and the existing downtrend. No major changes are expected until the end of the year 2014 as the cross will likely continue to lose the trading volume.

The market stays quite, while some of the long positions were closed (from 49 to 47%). As for the orders set 100 pips from the spot, 80% of them are set to sell the kiwi against the greenback.