NZD/USD probes 0.7855

It does not seem anymore that NZD/USD will be capped by the down-trend resistance line drawn through the highs since May 13, as it has settled above 0.7809/0.7785 and is already attempting to rally further. If this continues, the next hurdles the pair will have to overcome are at 0.7919/10 and 0.7981/77, but we do not expect bullishness to persist beyond 0.8183/61.

The share of long positions in NZD/USD has stabilised. Presently 60% of traders are bullish, and the rest 40% are bearish on the currency pair, although on average in their crosses both currencies (USD and NZD) are acquired with nearly the same frequencies (46% and 45%).