NZD/USD approaches key resistance at 0.84

NZD/USD seems to be likely to post a second week of substantial gains, as all of the resistances encountered failed to halt the advancement. This strong recovery was caused by a test of the 2012 lows, when the pair hit a rock bottom near 0.81 at the very beginning of February. Now the pair is expected to challenge 0.84, which is likely to determine next destination of the price.

Even though the gap between the amounts of bullish (30%) and bearish (70%) traders has narrowed, the difference remains sizeable, meaning the sentiment is strongly negative towards NZD/USD. Speaking of orders, they signal that the pair is closing in on a dense resistance, as the portion of sell ones surged from 68% up to 94%.