NZD/USD recoiled from monthly PP

NZD/USD did not manage to extend its dip, rebounding from the support created by the monthly and weekly PP. Accordingly, the pair is now likely to come back to the 100-day SMA that safeguards Jun 2013 highs. Slightly higher there is an even stronger resistance zone at 0.82, it proved to be important in 2008 and in the first quarter of 2013, not to mention the 200-day SMA that stands there as well.

While the Canadian Dollar is one of the least frequently acquired currencies in SWFX, the New Zealand Dollar is relatively popular, but there are still less trades when it is bought (43%) than when it is sold (57%). In NZD/USD we observe a similar picture—44% of positions are long and 56% are short.