NZD/USD potential reversal

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 59% 49% 16.95%
Shorts 41% 51% -24.39%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The New Zealand Dollar depreciated about 57 base points against the US Dollar on Monday. The decline was stopped by a support cluster formed by the weekly and the monthly PPs at 0.6827.

Everything being equal, it is likely that the currency exchange rate continues trading in a three-week ascending channel pattern during the following trading session.

Technical indicators the 4(H) and the daily time frames suggest that the NZD/USD currency pair could end today with a bullish momentum.

The potential target for the pair will be near the upper boundary of a triangle-likely formation at 0.6900.

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