NZD/USD breaks channel pattern - Technical Analysis - Dukascopy Bank
Tue, 03 Nov 2020 08:32:08 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
40%
36%
10.0%
Shorts
60%
64%
-6.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇒
The New Zealand Dollar rose by 54 basis points or 0.82% against the US Dollar on Monday. A breakout occurred through the upper border of a descending channel pattern at 0.6638 during the London session on Tuesday.
Given that a breakout has occurred, the currency pair could continue to edge higher during the following trading session. The potential target for bulls would be at the 0.6700 area.
However, technical indicators demonstrate that bears are likely to pressure the currency exchange rate lower within this session.
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