NZD/USD approaches 2011 high

NZD/USD extends the advancement initiated after the currency pair received a forceful impetus from the 200-day SMA. However, the resistance at 0.8841, represented by the 2011 high, will soon test the strength of the momentum. This may lead to a retracement back to 0.8655/12, a demand area formed by the 55 and 100-day SMAs and monthly PP, even though there are more ‘buy' signals than the ‘sell' ones on the daily chart.

While there are no substantial changes in the distribution between the longs (28%) and shorts (72%), the percentage of the sell orders placed 50 pips from the spot soared from 67% to 88% compared to the previous reading.