NZD/USD aims for 0.8476 in the long term

Even thought there is not much bullish action right now, all of the relevant technical indicators in aggregate are giving ‘buy' signals, suggesting that the price is targeting 0.8476 that in turn has proven to be impenetrable in December of the last year and the first two months of 2013. Dips are to be limited by 0.8337/33, a cluster of supports mainly formed by the 55 and 100-day SMAs.

NZD/USD is still oversold to a large degree, since bulls are keeping only 28% of the market, whereas bears (72%) are supposed to be in full control, but suffer from the extending rally. Concerning orders placed on NZD/USD, the tendency remains the same—sell orders (63%) continue to reinforce their dominance.