NZD/USD breaches channel pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 47% 56% -19.15%
Shorts 53% 44% 16.98%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Neutral
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The New Zealand Dollar has been depreciating against the US Dollar since Tuesday's trading session. The currency pair has lost about 0.90% of its values.

A breakout through the lower boundary of an ascending channel pattern occurred during the middle of Wednesday's trading session. Also, the currency pair breached a strong support level at 0.6795. 

Most likely, the 200-hour simple moving average at 0.6780 could hinder the bearish momentum within this session.

However, if the currency exchange rate passes the 200-hour SMA, the pair will target a support level at 0.6750.

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