NZD/USD underpinned by 0.8370

As would be expected, price chart of NZD/USD in many ways resembles AUD/USD, since the currency pair is also unable to climb over a resistance zone, but in this case the one that resides at 0.8476/50. Regardless, the upward trend is deemed to be sustainable, implying that the resistance will be eroded eventually. Development of any weakness, in turn, should be prevented by 0.8304/0.8276, a cluster of various studies, including 55-day SMA.

The portion of long positions on NZD/USD has decreased even further and is now 27%, while shorts take up 73% of the total amount, meaning that the currency pair remains strongly oversold. Most of orders (62.5%) placed are to sell the New Zealand Dollar, accordingly, 37.5% of traders intend on buying it.