NZD/USD declines toward the weekly R1

The US Dollar gained some value versus its New Zealand counterpart. The market bears regained all of their previous day losses by letting the pair to depreciate below the weekly R1 at 0.751. The sext support level is the monthly PP, 0.745. On the upside, the Bollinger band at 0.756 seems to hold the resistance. The cross is getting closer to the 2009 high at 0.76.

The NZD/USD traders are expecting the US Dollar to strengthen, since 62% of them are selling the pair. The pending orders remained the same with 42% of long position for the 50– pip range and 29% for 100– pip ones.