NZD/USD lacks momentum

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 45% 46% -2.22%
Shorts 55% 54% 1.82%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The New Zealand Dollar had been struggling to move past the weekly S1 at 0.7214 for the last two sessions. This mark was eventually surpassed twice since mid-Wednesday. However, the 23.6% Fibonacci retracement stopped any attempts to breach the upper channel boundary, and the rate was thus pushed back below the weekly S1. 

The Kiwi has shown reluctance to trade lower than its three-week low of 0.7178. This might indicate to a possible appreciation when the strong resistance area near 0.7220 is finally breached. 

In case the market is not shaken by some fundamental events in the upcoming trading hours, the rate might sustain its sideways motion, thus remaining between the 0.7178 mark and the 100-hour SMA at 0.7235.

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