NZD/USD rebounds from 0.8375/58

Unlike USD/CAD, this currency pair moves according to positive signals given by the majority of technical studies after encountering the 20-day SMA. The price has already risen up to the weekly R1 and is set to climb further, although the growth should be impeded by 0.8489/53. On a related note, most of forecasts do not favour a bullish scenario, assuming a 0.82-0.83 level in the next nine months.

While the U.S. Dollar is one of the most frequently bought currencies (in 60% of cases), the New Zealand Dollar is among the least popular ones (bought in 30% of cases). Therefore only 30% of market participants believe NZD/USD is to rally, while a majority (70%) stay bearish on the currency pair.