NZD/USD heads towards 0.7331

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 37% 39% -5.41%
Shorts 63% 61% 3.17%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

In accordance with expectations, the currency exchange rate continued to gradually slide to the downside until it encountered the 0.7279 support level, which was additionally backed up by the 55- and 100-hour SMAs plus the monthly S1 at 0.7294. Since the pair could not slip to the bottom, it made a rebound and started to head back towards the weekly PP at 0.7331. 

If it fails today to break through it, this might be sign of an existence of an ascending triangle with two reaction lows and three reaction highs. Unfortunately, market sentiment does not provide a clear answer for that, as it remains 56% bearish. 

In contrast, a summary of various technical indicators send a clear buy signal for the next one and five hour timeframes. However, afterwards it projects a horizontal movement.

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