NZD/USD re-tests channel

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 35% 35% 0.00%
Shorts 65% 65% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Following the second test of the upper channel boundary, the Kiwi edged lower to the 200-hour SMA. However, it did return near the 0.7324 mark to re-test the given pattern in this session. This suggests that the rate may finally break out to the upside. This scenario is reinforced by bullish technical indicators in both intraday and daily time-frames. The nearest important resistance is formed by the weekly PP at 0.7359. Nevertheless, SWFX traders are increasingly bearish on the pair, indicating that the Kiwi may, in turn, respect the channel. If bears prevail, it is likely that the currency is hindered or even stopped by the 55– and 100-hour SMAs circa 0.7300.

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