NZD/USD breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 11 Nov 2020 09:41:37 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
29%
25%
13.2%
Shorts
71%
75%
-5.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Sell
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇗
⇒
The New Zealand Dollar has surged by 86 points or 1.27% against the US Dollar since Tuesday's trading session. The exchange rate breached the upper boundary of an ascending channel pattern on Wednesday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the NZD/USD currency pair higher during the following trading session. The potential target for bulls would be near the weekly R2 at 0.6933.
However, a resistance level at the 0.6900 area could provide resistance for the currency exchange rate within the following trading hours.
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