NZD/USD takes pause after breaching 0.8355/32

The price has just received a bullish impetus after re-testing the upper edge of the wide but nevertheless dense support area at 0.82. Therefore we may not consider the nearest resistances, namely the weekly R2 at 0.8403 and the monthly R1 at 0.8472, to be safe, the present recovery may even try to reach out for the April high at 0.8676.

Already quite bearish sentiment of SWFX traders with respect to NZD/USD has notably strengthened recently—the percentage of open short positions went up from 67% to 75%. At the same time the share of buy orders placed on the currency pair has plummeted from 70% to 64%.