NZD/USD trades along channel line

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 66% 59% 10.61%
Shorts 34% 41% -20.59%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Buy Neutral
Stochastic (5; 3; 3) Neutral Neutral Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

NZD/USD was characterised by a lack of momentum during the past trading session, as the Kiwi remained near the bottom boundary of the descending channel.  

This small volatility suggests that the rate might soon surge either direction. US Core Durable Goods released at 1230GMT caused some downward pressure in the market, thus sending the Kiwi lower. 

Given that a breakout of the senior channel mid-yesterday has not yet followed by a rebound, this move could be realised in the upcoming trading session. 

The upside is guarded by the 55-hour SMA circa 0.6930, while the bottom limit is set by the weekly S1 at 0.6847.

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