NZD/USD is kept buoyant by 0.8357/32

The currency pair has stalled near the up-trend support line at 0.8357/32, as its yesterday's attempt to gain bullish momentum turned out to be unsuccessful. Nonetheless, the bullish outlook, also suggested by the weekly and monthly technical studies, is intact and NZD/USD appears to be well-positioned to commence a recovery phase that is estimated to end once the resistance line at 0.8476 is reached.

On average the New Zealand Dollar is sold in 72% of trades involving its crosses. The situation on NZD/USD currency pair is similar, there 29% of positions are long and the rest, 71%, are short. The share of the buy orders has fallen dramatically, down to 29%, as less traders are planning to acquire the kiwi.