NZD/USD strengthens above monthly R2

Positive sentiments in the global markets provoke traders to purchase riskier assets with a higher yield. The kiwi is one of the examples of such securities; thus the pair gradually appreciates for a second week. Today the price overcame the monthly R2 level at 0.8545 and continued its trip north towards the Bollinger band, which is currently located at 0.8625.

Bears occupy the spot market, since there are 74% of opened positions to exploit a downside movement. The price is above the long term resistance at 0.8477, and a lot of investors are confident that the pair will return back beneath the line. Placed orders market is bearish, as 64% orders are waiting to sell the New Zealand Dollar versus the U.S. currency.