NZD/USD falters at 0.8125

NZD/USD, without reaching the key resistance at 0.8161/53, is already losing the upward momentum, showing signs of weakness while approaching 0.8125. Still, as suggested by the daily technical indicators, traders should be wary of a possible rally. However, it seems that the bullish correction will be limited by the March low and the 200-day simple moving average.

Even though the pair remained largely unchanged over the weekend, the portion of long positions contracted to 42%, allowing bears to develop the majority to 58%. Concerning the distribution between the buy and sell orders, the former are in a distinct minority, constituting 31% of the total amount.