NZD/USD breaks above the May 2012 low level

The NZD/USD cross bullish traders gained today as the pair headed up above the strong resistance line at 38.20% Fibonacci retracement or the May 2012 low, 0.745. The pair is still trading below the 55– 100– and 200– day SMAs, which are moving to the south. The NZD/USD seems to be approaching the bottom trend line bottom at 0.748, the level of the weekly R1.

The market lost some investors and 35% of all are buying currently, down from 41% last time. The pair will be sold by 47% of traders once it surpasses the 50– pip range. The 100– pip pending orders have the same amount of bulls and bears.