NZD/USD eyes 0.8492/76

NZD/USD has jumped towards 0.8492/76, but is yet to climb over 0.8453/32 first to test it. The former area is capable of withstanding the impending pressure created recently by bulls and thus should send the pair back to the rising support line that connects minima since Jun 11. Such sharp bounces to and off these lines are likely to characterise behaviour of NZD/USD until March.

While the kiwi and aussie are the least preferred currencies in the SWFX marketplace the U.S. Dollar enjoys popularity among traders, on average being acquired in 59% of cases. Accordingly, 70% of market participants stand in favour of a weaker New Zealand Dollar.