NZD/USD closes in on Feb 14 high

Numerous attempts of NZD/USD to breach the up-trend resistance line have finally yielded results. Apart from that the rally did not leave 0.8459/52 and 0.8476 intact, though violation of the latter level (Dec 2012 high) is yet under question, as, together with the weekly R2 at 0.8498, it still retains the potential to negate the upward momentum. If the buying persists noentheless, then Feb 14 high could be re-challenged.

Despite robust recovery of the kiwi against the greenback, a notable majority (70%) of market participants believe that the rally is about to come to an end, since they are short on the pair. The distribution between the buy (54%) and sell (46%) orders has become neutral.