NZD/USD pushes through 0.82

The currency pair continues to struggle with 0.82, as it yet has to close above this resistance. Still, the 200-day SMA has already given in, meaning the medium-term outlook on the New Zealand Dollar is rather bullish than bearish now, with the April high at 0.8676 as a likely target. The nearest hurdle NZD/USD will then hit is at 0.8310/0.8284 and mainly consists of the weekly R1 and monthly R2.

As NZD/USD continues to advance, it faces more and more resistance with each new step. The current amount of short positions (67%) is significantly exceeding the amount of long ones (33%), and the gap carries on widening. Meanwhile, the difference between the buy (53%) and sell (47%) orders is insubstantial.