NZD/USD leaves dominant channel

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 34% 33% 2.94%
Shorts 66% 67% -1.52%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The key conclusion that can be derived from the yesterday's trading session is that the NZD/USD has finally left the senior ascending channel. More specifically, the combined resistance level formed by the 55-, 100- and 200-hour SMAs contributed to the formation of a new channel down. Despite the pair's attempt to fall even lower, it was stopped by the support barrier set up by the monthly PP at 0.7247. Because of this rebound, the pair is expected to continue to move within the active channel. On the other hand, the set of the US fundamental data that will be released during the day might easily break the existing formation in both directions. However, such effect most probably will have a short-term character, in any.

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