NZD/USD bumped into 0.7716

Yesterday NZD/USD tested the support at 0.7716, but quickly stepped back from it. Today the currency pair seems to be serious about violating the rising support line along with the monthly S1. Such a turn is going to expose 0.7606 (low importance support), but also 0.7500 and 0.7454—the latter was the lowest level in 2012. The nearest resistance is the weekly S1 level at 0.7830.

The bulls continue to expand their share, but the change this time was considerably smaller than previously. Long positions now constitute 59% of the market, bears are in a minority—41% of the market. In the meantime, the portion of buy orders has notably increased, up to 52.5%.