NZD/USD tests medium pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 48% 52% -8.33%
Shorts 52% 48% 7.69%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The New Zealand Dollar has failed to leave the 0.7060/0.7095 area for the third consecutive session. During the time, however, the pair has approached the upper boundary of a falling wedge. 

Its failure to move below the four-month high indicates that the bearish sentiment could allay in the upcoming sessions and thus allow bulls to take the upper hand. The closest resistance is the 100-hour SMA and the challenging weekly S1. This level is likely to be surpassed in the following hours just to pave the way for a surge up to the 200-hour SMA at 0.7140. 

If looking from a longer perspective, the bottom boundary of the medium-term descending channel has not yet been reached, demonstrating that a fall down to the 0.7030 should not be excluded.

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