NZD/USD about to breach 0.82

Previously we presupposed that there will be sufficient selling pressure between the levels of 0.82 and 0.81 not to let the currency pair to trend higher after bottoming out at 0.7682. However, NZD/USD is persistently moving upwards, as suggested by the daily and monthly studies, without stopping for long at any of the resistances, whether they were tough or not. Right now the pair is trading near 0.82, meaning there is a high probability the negative outlook will soon be invalidated.

The bears further enhanced their dominance over the bulls by increasing the share up to 65% (61% on Friday), implying that a majority of traders are opposed to additional appreciation of the New Zealand Dollar relative to the greenback, which in turn is acquired in 64% of cases in its pairs.