NZD/USD stopped dead at 0.8391

Yesterday's rally breached a number of important resistances, including the weekly R1 and monthly R2 levels. Today, on the other hand, there are no signs of the upward momentum, since the spot price largely fluctuates around the weekly R2 level, though the daily and monthly technical indicators on the whole continue giving ‘buy' signals, implying 0.8391 in the nearest future will also fall victim to the surge started this September.

Unfavourable for an overwhelming majority (72%) of traders trend in NZD/USD persists, as they stay short on the kiwi, while the price keeps on rising. It is noteworthy that the New Zealand Dollar does not look attractive solely with respect to its U.S. counterparts, but also in the other crosses as well, where the currency was bought in only 31% of cases.