NZD/USD contained by 0.8391

Although there are now even more bullish technical indicators than yesterday, NZD/USD remains at the same place—just beneath the weekly R2. Should the pair regain the impetus it has just lost, the rally is unlikely to stop neither at 0.8459 nor at 0.8556, but is expected to extend up to the April high at 0.8676, where from it quickly fell down to 0.7682.

An overwhelming majority (73%) of positions on NZD/USD imply SWFX market's belief that the price has already reached its peak and is now poised for a substantial decline. Banks' forecasts also suggest that the New Zealand Dollar should notably depreciate in the coming months.