NZD/USD bounces off 0.73 mark

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 36% 33% 8.33%
Shorts 64% 67% -4.69%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Sell Sell Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The New Zealand Dollar started the week by making a jump against the US Dollar. The currency exchange rate reached the combined resistance of the newly calculated weekly R1 at 0.7297 and the upper trend line of the long term descending channel. The channel's trend line once more forced the pair lower. By the middle of Monday's trading session the currency pair had fallen down to the combined support of the 55 and 100-hour SMAs and the weekly PP just below the 0.7240 mark. The most likely scenario from a technical perspective is that the pair will continue to bounce between the mentioned clusters of significance until a fundamental shift in the strength of the underlying sentiment forces the pair into a larger move. SWFX traders collectively think that it will be a bearish move.

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