NZD/USD tests 0.8077

A sharp fall last Friday triggered a strong bullish reaction, which has nearly erased the latest losses, but there is still some distance until 0.8115/13 to fully rehabilitate. Moreover, there is a bearish resistance line at 0.8077 that has been shaping NZD/USD's descent for almost a month. Slightly above it there is a formidable resistance area at 0.8161/49, which includes Mar 13 low.

Although the U.S. Dollar is considerably more popular among the traders, on average bought in 58% of trades against 43% for the kiwi, right now there is no difference between the shares of long (49%) and short (51%) positions. In the meantime, 55% of placed on NZD/USD orders are to sell the New Zealand Dollar.