NZD/USD rebounds from channel line

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 30% 25% 16.67%
Shorts 70% 75% -7.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

In line with technical indicators, the Kiwi bounced off the bottom channel line and started to surge. However, the strength of the upward momentum was not enough to break though the weekly S1 at 0.7238 at once. By the middle of the day, the currency pair had made two failed and one successful attempt to bypass this barrier. Subsequently, it penetrated three more resistance levels, i.e., the 5-5 and 100-hour SMAs and the monthly PP, prior to stopping at the 200-hour SMA at 0.7276. It is likely that the Kiwi re-tests the given level. In general, the rate is expected to be stopped ether by the aforementioned 200-hour SMA or the weekly PP at 0.7292. Thus, the rate may return near the 0.7265 where the 100-hour SMA is located.

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