NZD/USD stalls ahead of 0.79

After hitting the resistance represented by the 55 and 100-day SMAs NZD/USD seems to have lost bullish momentum, trading in a comparatively narrow corridor today, mostly below yesterday's close. This is why the risks are skewed in favour of a sell-off from here, although, if the increased demand for the kiwi takes the price higher, the rate still should be capped by 0.81.

Following the latest determined rally of the New Zealand Dollar, many of the traders became more optimistic concerning the currency's potential, considering the growing percentage of open long positions—they currently amount to 56%. Among the pending orders the sell ones are in the lead with 58%.