NZD/USD erodes monthly PP

NZD/USD keeps on trimming the losses made last week, it has already attained the monthly PP at 0.7918 that is now under risk of being broken. Additional resistance may be found at 0.7994, but the price could potentially rise up to the 100-day SMA, it is standing at 0.8070 at the moment. An extension of the rally beyond this level is not expected.

There are now less bullish with respect to the New Zealand Dollar market participants relative to those anticipating depreciation of the kiwi than yesterday. The current distribution is as follows: 54% of positions are long and 46% are short. At the same time the portion of buy orders decline even more, down to 31%.