NZD/USD stuck at monthly R1

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 28% 41% -46.43%
Shorts 72% 59% 18.06%
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

In line with expectations, the NZD/USD did not make any new attempts to break through the 50% Fibonacci retracement level at 0.7457 and settled down near the monthly R1 at 0.7435. Such outcome put the pair into a small reverse symmetrical triangle that should cease to exist by the end of the day. Basically, the breakout can occur in both directions. But given that the pair is moving within the general uptrend and soon will be backed up by the 100-hour SMA, the breakout to the top seems more realistic. On the other hand, the northern side is protected by the 20- and 55-hour SMAs, whose combination might stop the pair. In addition, it is unlikely that the rate will have a necessary impulse to jump though the above retracement level and update the record.

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