NZD/USD reaches support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 46% 39% 15.22%
Shorts 54% 61% -12.96%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Buy Buy Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

By the middle of Monday's trading session the NZD/USD currency exchange rate had reached the vital support levels near the 0.7150 mark. Coincidentally at that level a dominant support line was located together with the freshly calculated first weekly support level. 

It is highly important to watch whether that level will hold its ground for some time. If it gets passed, the 0.7090 mark will be reached next. If the rate manages to rebound, a surge back up to the 55-hour SMA could occur. 

However, the pair's decline has been largely caused by fundamentals not due to technical reasons. So the rate is more likely going to ignore the technical level's support.

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