NZD/USD breakout occurs - Technical Analysis - Dukascopy Bank
Thu, 29 Oct 2020 09:29:42 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
27%
28%
-2.5%
Shorts
73%
72%
0.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Sell
Neutral
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇗
⇒
Downside risks pressured the New Zealand Dollar against the US Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday's trading session.
Given that a breakout had occurred, bearish traders are likely to continue to drive the exchange rate lower during the following trading session. The potential target for bears would be near the 0.6600 level.
However, if the currency exchange rate breaks the resistance line at 0.6660, the next target for bullish traders would be at the 50– and 100– hour SMAs at 0.6680.
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