NZD/USD breaches junior ascending channel

Source: Dukascopy Bank SA

 Positions Today Yesterday Change
 Longs 51% 47% 7.8%
 Shorts 49% 53% -8.2%
       
 Indicator 4H 1D 1W
 MACD(12;26;9) Sell Sell Buy
 RSI(14) Sell Neutral Neutral
 Stochastic(5;3;3) Neutral Buy Neutral
 Alligator(13;8;5) Neutral Sell Buy
 SAR(0.02;0.2) Buy Sell Buy
 Aggregate

The New Zealand Dollar depreciated about 52 base points against the US Dollar on Monday. The currency pair breached the 50-hour simple moving average during yesterday's trading session.

The exchange rate breached the lower boundary of an ascending channel pattern during the middle of Tuesday's session.

Given that a breakout had occurred, it is likely that the currency exchange rate continues its decline today.

Although, a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6821 area could hinder such decline.

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