NZD/USD pauses advancement

NZD/USD effortlessly pierced through the 55 and 100-day SMAs last week, but stopped moving upwards once it approached the monthly R1. Consequently, the pair is likely to consolidate above 0.8259 before challenging 0.8319. Should this resistance be breached, the kiwi will have a good opportunity to launch an attack on 0.84, which has already stopped a number of such attempts in the past.

At the moment a substantial portion (73%) of the traders consider the New Zealand Dollar to be overpriced, since they are presently holding short positions on NZD/USD. Concerning the orders set near the spot (100 pips up and down from it), 61% of them are set to purchase the kiwi.