NZD/USD's access to higher levels denied by 0.8393

A rebound from 0.8338/33 did not last for long, as NZD/USD has sharply dropped after a contact with 0.8393, the upper Bollinger band. Beyond this level there are 0.8408 and 0.8442 that also are likely to oppose advancement of the pair, if it is to approach them. In the meantime, the 55 and 100-day SMAs are expected to limit near-term losses of the currency pair.

The portion of bears has decreased since yesterday, but preference of traders to go short persists—the U.S. Dollar is one of the most popular currencies in the market (acquired in 58% of cases) and the New Zealand Dollar is ranked among the least popular (acquired in 28% of cases). At the same time the distribution between buy and sell orders is 47% to 53% respectively.