NZD/USD takes a pause

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 29% 29% 0.00%
Shorts 71% 71% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Sell Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

Beginning of the new trading week, the currency exchange rate started slightly below the monthly R2 located at the 0.7535 level. The fact that it did not make any new attempt to soar suggests that strength of the upside moment, which guided movement of the pair over the last month, is coming to an end. On the other hand, the rate might use the 50% Fibonacci retracement level at 0.7457 as a strong support level for further advance. By the time the pair reaches it, the above retracement level will become additionally backed up by the 200-hour SMA. Taken together, these barriers might provide a necessary impulse to try to jump above the 0.7551 mark, which at the moment represents a record high over the last six months. This scenario holds true, provided that the Kiwi will not prematurely bounce off from the 100-hour SMA.

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