NZD/USD soared through 0.7868

There is no trace left from yesterday's hesitation—NZD/USD has jumped through a number of levels and now seems to be able to form a base above the monthly pivot point at 0.7868, which it subsequently might use as a springboard for a rally towards the July high at 0.8105. Trading above the latter level does not appear to be a likely scenario in the medium term, the bias remains bearish.

Right now the distribution between the long and short positions opened on NZD/USD is respectively 53% to 47%, showing there is no unanimity among the traders concerning the direction the currency pair will take. Today, however, the New Zealand Dollar is likely to close in green, given that the price moved up by more than 100 pips already.