NZD/USD puts more pressure onto 0.8177/61

NZD/USD rebounded from the demand zone formed by the March low and weekly S1, but bearish pressure was renewed, cutting the price down to 0.8177/61. Nonetheless, currently trading is taking place at the levels of troughs charted in March this year and in December last year, suggesting that the sell-off is now exhausted and will be replaced by purchases of the New Zealand Dollar.

The gap between the long and short positions has decreased overnight. Now 41% of traders are betting on appreciation and 59% are betting on depreciation of the kiwi relative to the buck. Concerning orders placed on NZD/USD, there is only a two percentage point difference between the buy (49%) and sell (51%) ones.