Technical Analysis

NZD/USD likely breakout
Fri, 20 Jul 2018 11:12:05 GMT
Source: Dukascopy Bank SA
 

Positions Today Yesterday % Change
Longs 62% 67% -8.06%
Shorts 38% 33% 13.16%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The NZD/USD currency pair has temporarily stopped its decline. By the middle of Friday's trading session, bulls managed to take control of the market and drive the rate toward the upper boundary of a descending channel.

During the end of the European session on Friday, the exchange rate breached the 55-hour simple moving average.

The overall market sentiment still remains bearish. Therefore, the currency exchange rate is likely to continue moving south within the following trading hours. However, a different scenario might happen. Namely, since the price has moved closer to the up border of the descending channel, a breakout could occur.  


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