NZD/USD faces strong support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 60% 64% -6.67%
Shorts 40% 36% 10.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Sell Buy Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

After bouncing off the upper boundary of the junior channel, the New Zealand Dollar was testing the 200-hour SMA and the weekly PP near 0.69 for several hours but nevertheless failed to edge lower. 

The same situation is apparent in this session, as well. However, this time, the aforementioned support cluster is likewise reinforced by the 55– and 100-hour SMAs. 

This strong support might push the Kiwi to the upside. In this case, the junior channel should break under the pressure, thus allowing for a slight appreciation. The upside target could be set at the weekly R1 or the monthly PP at 0.6974 and 0.6983, respectively. 

Meanwhile, in the unlikely event of a southern breakout, the nearest support is the bottom channel line circa 0.6850.

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