NZD/USD bounces off support cluster

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 59% 58% 1.69%
Shorts 41% 42% -2.44%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Buy Buy Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The NZD/USD currency pair decline on Thursday was stopped by a support cluster formed by the combination of the weekly and the monthly PPs at 0.6720 when the rate made a U-turn to the upside.

The exchange rate bounced off the support line during the Middle of the European trading session on Friday and has breached the monthly pivot point and also tested the 55-hour simple moving average. 

Technical indicators both on the smaller and larger time frames favour bearish sentiments, however, this might not materialize as traders await the macroeconomic data releases of the United States.

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