NZD/USD surges early on Tuesday

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 41% 0.00%
Shorts 59% 59% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Neutral Neutral
Alligator (13; 8; 5) Neutral Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The New Zealand Dollar managed to exit a consolidation period that characterised the pair's movement on Monday when the rate surged and passed through the 55– and 200-hour SMAs. The weekly S1 at 0.7229, however, proved to be strong resistance that limited further gains and might even confirm a reversal in the following trading hours.  

The rate has approached the upper boundary of a descending channel valid since early August. The base scenario favours the rate approaching the 0.7210/20 area and reversing to the downside. 

The weekly R1 at 0,7323 may hold the upper limit, while the 200-hour SMA or the weekly PP should function as a bottom barrier.

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