NZD/USD underpinned by 0.7781/51

Right now NZD/USD is struggling to regain the bullish momentum, but seems to be well-supported by the major up-trend line, initiation of which dates back to March, 2011. There are also weekly and monthly S1 levels, not to mention the 2012 low at 0.7454; however, there is still a chance for the price to go lower, down to the latter level, where the probability of a reversal will be greatly increased.

A substantial majority (63%) of traders continue to bet on kiwi's appreciation in the future, reckoning that the down-trend, which lasted for 80 days already, is now over. Among the orders the difference is much less distinct, 52% are to buy the New Zealand Dollar and the remaining 48% are to sell it.