NZD/USD reaches out for 0.7994

The New Zealand Dollar preserves the pace of appreciation, effortlessly passing through the intermediate resistances. Neither the monthly PP nor the 20-day SMA were able to contain the rally, allowing it to touch upon the weekly R1 at 0.7994. This resistance is probably going to be breached just like the previous ones, giving way for the currency pair to rise up to the 100-day SMA at 0.8064.

Apparently, a small portion of SWFX marketplace participants were able to take profits on the most recent rally, being that the amount of bulls contracted relative to the amount of bears. Now the former take up 51% and the latter 49%. Concerning the orders, 76% of them are the sell ones.