NZD/USD eats off 0.8324/09

Although NZD/USD did confirm the resistance at 0.8324/09 yesterday as a notable level, the rate keeps on rising, thereby once again endangering intactness of the up-trend line that may be drawn through the troughs staged from Dec 30 to Jan 16. Continuation of the up-move may potentially expose the monthly R2 at 0.8438, however, the long-term outlook is still negative.

SWFX market participants are strongly convinced that the kiwi is going to underperform in the future—three out of four positions are to benefit from the currency's depreciation relative to the greenback. Speaking of the orders, 67% of them 100 pips from the current price are set to sell the New Zealand Dollar.