NZD/USD jumps around 0.77

On Friday NZD/USD closed below 0.7748, the former up-trend support line, implying that the currency pair should keep on descending with a target at 0.7466/54, the 2012 year low. While moving there the price will encounter intermediate supports at 0.7638/12 and 0.7576/73, but we should note decreasing bearishness of the technical studies.

The distribution between the amounts of long (64%) and short (36%) positions tells us the current preferences of the market and right now they are heavily skewed towards the bullish side, meaning that most of traders expect the New Zealand Dollar to seize to depreciate and commence a strong recovery.