NZD/USD is rising despite the odds

At the moment NZD/USD is wading through a resistance zone that stretches from 0.8499 down to 0.8449, neglecting the fact that the currency pair was unable to exceed this zone for the last 17 months, since September of 2011. Even though we were inclined to believe that this area will not be breached until the end of February, the risk of an immediate rally above it has to be recognised as substantial, which in turn will expose 0.8546 if such possibility materialises.

The New Zealand Dollar has lost yet another per cent of its popularity, on average being acquired in merely 25% of cases. The situation is exactly the same in NZD/USD, where 25% of positions are long and 75% are short. At the same time 41% of orders are to purchase the kiwi and 58% are to dispose of the currency.