NZD/USD finds resistance at weekly S1

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 67% 51% 23.88%
Shorts 33% 49% -48.48%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

NZD/USD was stranded between the 55-hour SMA and the weekly S1 on Thursday. The latter failed to provide support for the rate and thus was breached later in the day. The Kiwi, however, did not edge considerably lower, as it remained slightly below this mark. 

As apparent on the chart, traders were reluctant to put pressure on the pair since mid-yesterday, thus keeping it stable even after data on the US Advance GDP were released at 1230GMT. 

Technical indicators are still in favour of a fall, thus regarding the weekly S2 circa 0.6750 as the ultimate lower barrier. Conversely, upside is guarded by the 100-hour SMA and the lower boundary of the channel which was breached on Monday near 0.69.

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