NZD/USD trades between 55– and 200-hour SMAs

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 45% 42% 6.67%
Shorts 55% 58% -5.45%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

After breaching the lower boundary of a junior channel, the Kiwi entered a minor consolidation period which was caused by the rate's failure to breach the 100-hour SMA. However, a breakout of this line was not followed by a plunge but rather a slight decline until the 200-hour SMA, the monthly PP and the 38.2% Fibonacci retracement sent the Kiwi north. 

In general, the main event affecting the pair today is the New Zealand general elections. In case no surprises occur in terms of the leading party, traders could see some leaps in the wake of the polling data, but it should not affect the pair massively. 

Thus, the base scenario favours the rate fluctuating in the 0.7350/0.7280 between the weekly R1 and the 50.0% Fibo (resistance) and the 200-hour SMA and the monthly PP (support).

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