NZD/USD trades at channel boundary

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 36% 42% -16.67%
Shorts 64% 58% 9.37%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Buy Sell
Alligator (13; 8; 5) Neutral Sell Buy
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The steady sideways momentum that was driven the pair on Thursday, changed swiftly mid-session when the New Zealand Dollar breached the monthly PP at 0.7279 and plunged against the US Dollar. This downfall was restricted by the 200-hour SMA which consequently pushed the rate slightly higher. 

This, however, was only a short-term correction that was followed by another decline. As a result, the pair was located at to the bottom channel boundary by mid-Thursday. Except for the given line, there is no other barriers limiting a decrease until the weekly S1 at 0.7163. 

Nevertheless, the lower channel boundary is not expected to be breached, as technical indicators signal to a possible recovery. The Kiwi should therefore return near the 200-hour SMA and the 23.6% Fibo.

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