NZD/USD denied by 0.8546/33

NZD/USD has posted a new 16-month high at 0.8533, but is struggling to preserve upward momentum, facing strong selling pressure. Therefore there is an increasing possibility that the price will return back to the bullish trend-line at 0.8373/56, though technical studies in aggregate say that the surge will be recommenced in a few-week perspective.

SWFX market participants continue avoiding entering long positions on the New Zealand Dollar, which on average is acquired merely in 26% of trades, in 27% of trades specifically in NZD/USD. Nonetheless, there is no predominance of sell orders (their share is 58%) observed looking at the pending orders.