NZD/USD to confront 0.8375/71

The resistance area at 0.8489/53 played its role and did not allow the price to step any higher. Accordingly, we see an appreciating U.S. Dollar, a picture that is observed across the USD crosses. The initial support is situated at 0.8375/71, but the bears could relatively easily drive the pair down to 0.8316/0.8288, which in turn is not expected to be breached in the nearest future, being underpinned by the 0.8261/57 level.

Judging by the most recent changes in the traders' sentiment towards NZD/USD, the market participants are getting even more convinced that the kiwi is going to lose its value. Currently 74% of all the positions are short and only 26% are long. Orders, on the other hand, remain silent—the numbers of buy and sell orders are equal.