NZD/USD reaches for 0.7230

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 42% 45% -7.14%
Shorts 58% 55% 5.17%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The bearish market sentiment took the upper hand on Wednesday and pushed the New Zealand Dollar through the 200– and 55-hour SMAs. The rate was pressured down also in this session, but has since recovered and returned near the above SMAs. 

Technical indicators flash mixed signals. However, it seems that the senior descending channel is to prevail over the junior one which should result in the rate breaching the weekly PP and the 100-hour SMA. After these levels no support to limit further losses is apparent until the relatively distant weekly S1 at 0.7096. 

The ultimate upside target is the weekly R1 at 0.7262.

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