NZD/USD struggles against 0.7730

The rising trend-line that may be drawn through the troughs formed on Mar 16 (2011), Nov 25 (2011) and May 23 (2012) is at the moment denying access of the currency pair to the lower levels, namely the supports at 0.7665 and 0.7610/73. Still, there are many reasons to suspect that 0.7730 will give in eventually, including bearish signals provided by the daily and weekly technicals.

Most of the traders foresee a soon rebound in NZD/USD—right now 61% of them are holding long positions, even though there still exist signs that this scenario may not be valid. As for the orders, the difference between the buy (51%) and sell (49%) ones is negligible.