NZD/USD sticky to channel line

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 58% 60% -3.45%
Shorts 42% 40% 4.76%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The 55-, 100– and 200-hour SMAs have been leading the Kiwi's movement during the past three sessions. 

As all three moving averages are located nearby, the pair has failed to initiate a new wave down towards the bottom boundary of the junior channel. 

Such stickiness to this line suggests a possibility of a norther breakout up to the weekly R1 or the monthly PP at 0.6971 and 0.6983, respectively. 

Technical indicators, however, are tended towards a more bearish sentiment. In case this scenario is to occur, the subsequent fall should not exceed the 0.6890 area where the weekly PP and the 110– and 200-hour SMAs are located. 

By and large, the upcoming week is likely to continue with the pair's appreciation towards the senior channel.

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