NZD/USD prolongs dip from 0.8499/62

The resistance area at 0.8499/62 has once again proved its topicality, sending the price through a number of support levels straight to the bullish trend-line. Consequently, we expect a rally to emerge from 0.8331/14, which should result in a repeated test of 0.8499/62. Nonetheless, the pair cannot eternally decrease its trading range, something it has been doing since last year's December, thus we should be wary of a breakout, the chance of which increases with each new day.

The negative attitude towards the New Zealand Dollar persists, as on average it is sold in 72% of cases across the board. NZD/USD is not an exception in this sense, merely 26% of all the positions are long. The dominance of the bearish side is also viewed through the orders, 60% of which are sell.