NZD/USD advances along the Bollinger band

NZD/USD demonstrates a significant bullish impetus, as the price appreciates for a fourth straight trading session. The pair breached the weekly R1 and R2 levels easily and even broke the yesterday's high at 0.8445. Since the price moves steeply along the Bollinger band, it is very likely that it will test a 0.8459/63 resistance, which is constructed from the weekly R2 and R3 levels.

The New Zealand Dollar increases its position in SWFX market, as the bullish side gained another 3% and currently amounts to 29%. However, the majority traders still bet on a long term depreciation and consider this increase just as a short term correction. Pending orders market is bearish with 63% of orders waiting to sell the pair.