NZD/USD touched Jul high

Despite the density of the area from 0.80 up to 0.82, which is littered with various resistances, NZD/USD manages to spike upwards from time to time. Today the currency pair fetched a Jul high at 0.8105. Nevertheless, the bearish scenario is still favoured over any other course of events in the medium term. The major trend-line at 0.7731 is likely to be re-tested.

The bulls continue building up their advantage over the bears, now they are controlling 58% of the market, thus making traders' sentiment negative with respect to NZD/USD. In the meantime, among the orders placed on the currency pair, 78% are to enter the market by short-selling the kiwi.