NZD/USD seems to be ranged bound

For the second day in a row the pair is trading between the 0.8329 and 0.8220. We expect this situation to persist until the end of the trading week. However, a solid close below the 82 cents would pave the way to 81 cent, the lowest quartile of the forecast of the major market participants. In order to ignite a rally the pair should show a solid close above the 0.8329.

Dominance of the bears seems to be in question as bearish side of pending orders decreased by 12% and is at 57% gauge today. However, short side of open positions increased by 5% and is back to 70% today.