NZD/USD breaks triangle

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 36% 7.69%
Shorts 61% 64% -4.92%
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) Buy Buy Buy
Aggregate

This trading session was marked by the Kiwi's breakout to the downside. An early indication was provided by the pair's failure to form the third wave upwards. By mid-session, the pair had already retraced back to the lower boundary of the symmetrical triangle, reinforced by the 55– and 100-hour SMAs, prior to testing the 200-hour SMA near the 0.7230 mark. Technical indicators show mixed results. On the one hand, intraday signals suggest that the rate may trade lower, approaching the bottom Bollinger band near the 0.7215 mark. Conversely, the pair may be supported by the 200-hour SMA and pressured to return near the bottom triangle boundary circa 0.7249 where the weekly PP is located. By and large, the Kiwi may fluctuate in response to RBNZ's Rate Statement scheduled today at 2100 GMT.

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