NZD/USD approaches 0.8317/10

Having lost its bullish momentum, NZD/USD is slowly grinding lower after peaking at 0.8435 on Sep 19, though technicals on all three relevant time-frames are pointing north at the moment. The support where the price could attempt to resume the up-move is at 0.8317/10, it consists of the weekly pivot point and the monthly R2 level, but then the currency pair will have to face a tough resistance area at 0.8478/59.

The traders appear to be persuaded that the New Zealand Dollar is not going to carry on gaining value relative to the U.S. Dollar, since 72% of them are holding short positions (73% last Friday). It is noteworthy that the New Zealand Dollar along with the loonie are presently some of the least preferred currencies in the SWFX market.