NZD/USD turns around at 0.7450

The pair is currently recovering, as the market sees broad-based weakness of the Buck. Closest resistances are at 0.7472 (55-day SMA) and at 0.75 (weekly S1 and 20-day SMA). Since overall the US data are strong, and today's releases serve as a proof, the rally should be temporary. The bearish outlook is also implied by the weekly and monthly indicators. However, if the surge extends, there is the 100-day SMA at 0.7536 and the falling resistance at 0.7650.

Though not as strong as yesterday, but the sentiment with respect to the New Zealand Dollar is bearish: 65% of open positions are short. As for the orders, 64% of them are to sell the Kiwi against the US Dollar.