NZD/USD consolidates beneath 0.83

NZD/USD has already reached the initial target at 0.83 after the break-out from the descending triangle and is poised for even more gains in the future. Once the monthly R1 is overcome, the currency pair will be set to reach the second target at 0.84, while the ultimate goal remains 0.8550, namely the October high. This level is also strengthened by the monthly R3.

Even though the price has been quite stable throughout the day, the share of shorts on NZD/USD fell from 75% to 72%. At the same time the ratio between the buy and sell orders placed on the pair within 100 pips from the current price is more or less the same—59% to 41% (58% to 42% yesterday).