NZD/USD probes 0.8137/0.8075

Despite the density of the support area between 0.8137 and 0.8075, which contains the long-term moving average, 2012 Q4 lows and the monthly S1, the New Zealand continues to grind lower. In case the currency pair closes beneath this area, the kiwi is likely to aim for the rising support line at 0.7794/69, otherwise the outlook on currency is positive.

Although the portion of short positions in the NZD/USD market contracted compared to the previous update, they are still in a distinct majority—71% of positions are currently short. At the same time the number of buy orders has notably increased, from 51% yesterday up to 59% today.