NZD/USD renews recovery

After confirming 0.8339/32 and using it as a springboard, the currency pair has recommenced adding to gains, continuing reduction of the gap between the spot price and 0.8408, the rising resistance line. The positive outlook is also implied by the weekly and monthly technical indicators. Once 0.8408 is overcome, NZD/USD will be likely aiming for 0.8476, which has been preventing surges from developing since last year's December.

The difference between the numbers of long and short positions on NZD/USD carries on widening, as an increasing amount (75%) of market participants expect the pair to change direction. As for the orders, 37% of them are to acquire the kiwi and 63% are to sell it against the U.S. Dollar.