Kiwi sets a new record high at 0.7442

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 35% 28% 20.00%
Shorts 65% 72% -10.77%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Sell Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Even though there were no data releases that could have affected the NZD/USD pair, it unexpectedly surged by 55 basis points in second half of the preceding trading day. Therefore, the soar most probably represented a rebound from a combined support level formed by the 20-, 55- and 100-hour SMAs. An impulse given to the pair was strong enough to guide it though the weekly and monthly R1 at 0.7411 and 0.7436, accordingly. As a result, the currency rate has reached an upper boundary of the former ascending channel and updated a six month record at the 0.7442 level once again. Basically, there is a space for a further advance, but multiple technical indicators point out that the pair is overbought, which usually is a sign of an upcoming reverse.

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