NZD/USD confined between 100-day SMA and monthly R1

NZD/USD is struggling to cross the resistance at 0.8324/09, which consists of the weekly PP and the monthly R1. If this supply zone is ultimately overcome, 0.8383/74 is likely to become the next objective. There sustainability of the rally will be tested by the up-trend resistance line. Should the bearish sentiments prevail, however, the 100-day SMA at 0.8277 will be targeted instead.

Although historically AUD/USD and NZD/USD have been exhibiting strong direct correlation, the sentiments towards the currency pairs are completely different. While 73% expect the Aussie to gain value relative to the buck, there are merely 26% of those who bet on appreciation of the kiwi against the greenback.