NZD/USD breakout likely to occur - Technical Analysis - Dukascopy Bank
Tue, 08 Dec 2020 09:44:15 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
30%
26%
11.2%
Shorts
70%
74%
-4.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Sell
Sell
Stochastic(5;3;3)
Neutral
Neutral
Sell
Alligator(13;8;5)
Neutral
Buy
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇒
⇒
⇒
The New Zealand Dollar surged by 49 basis points or 0.69% against the US Dollar on Monday. The currency pair tested the upper line of a descending channel pattern at 0.7060 during yesterday's trading session.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 0.7091 could be expected today.
However, if the channel pattern holds, the currency exchange rate could continue to trend lower during the following trading session.
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