NZD/USD successfully passes monthly R1

A test of the monthly R1 resulted in only a shallow dip (25 pips), as the resistance proved to be incapable of containing NZD/USD for long, even though four out of eight technical indicators on a daily chart are giving ‘sell' signals. Now the currency pair is rapidly advancing towards another significant area at 0.8080/71, moreover, it retains the potential to hit 0.8105, the level that was most notable in May and June.

While the Euro is now considerably less attractive than it was yesterday, there is an increasing demand among the SWFX traders for the U.S. Dollar, which was bought in 61% of cases in its currency pairs. Respectively, the distribution between the bulls (45%) and bears (55%) in NZD/USD is in favour of the latter camp.