NZD/USD reaches support line

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 64% 56% 12.50%
Shorts 36% 44% -22.22%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The New Zealand Dollar edged lower during the previous trading session. During this short period of decline, the currency pair breached both the 50-, 100-, and 200-hour simple moving average.

However, this decline was stopped by the lower boundary of a junior ascending channel pattern during the end of Thursday's session. 

Technical indicators demonstrate that the bearish momentum might pressure the currency exchange rate further south during the following trading session. If the situation mentioned above occurs, the potential target for the price could be a support cluster formed by the weekly and the monthly PPs near the 0.6619 regions.    

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