NZD/USD breaks out to the downside

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 44% 40% 9.09%
Shorts 56% 60% -7.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The NZD/USD is another pair, which has fallen down due to the strength of the US Dollar. However, that is not the most important fact to note. 

By the time of writing it could be observed that the currency pair was confirming the 200-hour simple moving average as a resistance. That is the first reason, why the rate was expected to decline. 

In addition, the rate's closest pivot point, which would serve as support, was located at the 0.7291 mark. 

However, Dukascopy Analysts spotted a declining medium term channel pattern, whose lower trend line might slow down the decline and even force the pair into a consolidation.

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