NZD/USD bounces off 0.8389/87

A failure to gain solid ground above the weekly R2 may now lead to a test of the support at 0.8275/74, created by the weekly PP and the 100-day SMA. However, there is also strong demand in the region of the monthly R1, which is reinforced by the up-trend that has been in force since the beginning of this year. Still, despite the positive daily outlook suggested by the indicators, in the medium term NZD/USD is likely to breach these levels and aim for 0.81.

Bears preserve their dominance in the market—their share amounts to as many as 70% of all the traders. Concerning the orders, after wide disparity in the numbers of buy and sell ones observed yesterday, their portions levelled off.