NZD/USD continues trading sideways

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 45% -4.65%
Shorts 57% 55% 3.51%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The upper boundary of the short-term descending channel was breached on Thursday. This move was not followed by a surge, but rather a continuation of the previous sideways movement prevailing since Tuesday. 

Meanwhile, a medium-term ascending channel was drawn. The pair has been trading slightly above the bottom boundary of the senior channel, but has nevertheless failed to pick up speed. It has shown reluctance to dash through both the 100– and 55-hour SMAs, thus trading almost flat on Friday.

 It is more likely that bulls eventually take the upper hand and push the rate towards the 200-hour SMA and the monthly PP at 0.7280. On the other hand, if the bearish sentiment manages to dominate the market, the bottom limit should be set near the three-week low at 0.7180.

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