Technical Analysis

NZD/USD faces weekly S2 at 0.6320
Tue, 17 Sep 2019 09:56:59 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs68%66%2.4%
Shorts32%34%-5.0%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

Downside risks prevailed in the market on Monday, thus, allowing the New Zealand Dollar to depreciated about 52 basis points against the US Dollar. 

Currently, the exchange rat is trading near the lower boundary of a narrow descending channel at 0.6330.

A breakout from the channel pattern is likely to occur within this session. Technical indicators favor a downside breakout.

However, a support level formed by the weekly S2 at 0.6320 could provide support for the currency exchange rate during the following trading session.


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