NZD/USD underpinned by 0.8167/61

NZD/USD's failure to gain a foothold above 0.8476 has resulted in a precipitous three-figure drop since May 6. However, there are reasons to suspect that the currency pair has finally bottomed out and there will be no eight consecutive days of kiwi's depreciation. The main argument why the price should rise is spot's proximity to 0.8161—March low, which is able to provide sufficient support and reverse the trend.

Being that the levels of popularity of the New Zealand Dollar and the loonie are the same, and 48% of all the positions on the U.S. Dollar are long, the sentiment towards NZD/USD is logically bearish—62% of positions are short. Nevertheless, there is no difference between the amounts of buy and sell orders.