NZD/USD renews rally

Neither the 55 nor the 100-day moving averages were sufficient to contain bullishness of the New Zealand Dollar that continues to appreciate at an accelerated pace. The resistance the currency is presently facing is formed by the monthly R1 and weekly R3 levels, though now this area appears to be unlikely to withstand the buying pressure, thus allowing NZD/USD to target 0.81 next.

Apparently, some of the traders are already starting to take their profits, considering that there are now relatively less open long positions (52%) than yesterday (56%). In the meantime, the sell orders (57%) retain the advantage in numbers over the buy ones (43%).