NZD/USD rebounds from 0.7754

NZD/USD is distancing itself from the major up-trend line at 0.7754, decreasing the probability of the weekly PP at 0.7786 staying intact today. Should the price keep on advancing, the resistances at 0.7868/51 and 0.7902/0.7897 are likely to come into play. Still, unless the currency couple manages to pass through the area between 0.81 and 0.82, the long-run outlook will remain bearish.

Judging by the latest data on the distribution of the open positions among the long (62%) and short (38%) ones, on the whole the bias with respect to the kiwi is positive, although the advantage became less pronounced over the weekend. If we calculate the same distribution for all of the NZD currency pairs, the New Zealand Dollar will appear less popular—only 47% of positions on it will be long.