NZD/USD forces its way through supply at 0.84

While the technical indicators are largely mixed, the New Zealand Dollar continues to develop the rally, which has already challenged a tough resistance level at 0.84. If NZD/USD breaks this level, the currency pair will be in a good position to maintain its current bullish momentum. Alternatively, the kiwi will be thrown back to the support at 0.8319/04, mainly formed by the monthly R1.

The gap between the amounts of bullish (29%) and bearish (71%) market participants narrowed compared to yesterday's numbers, but the latter remain in a distinct majority. Speaking of the orders, the distribution between the buy (39%) and sell (61%) ones is now considerably less skewed.