NZD/USD breakout occurs - Technical Analysis - Dukascopy Bank
Thu, 10 Dec 2020 08:47:26 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
30%
30%
0.6%
Shorts
70%
70%
-0.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Buy
RSI(14)
Neutral
Sell
Sell
Stochastic(5;3;3)
Neutral
Neutral
Sell
Alligator(13;8;5)
Sell
Buy
Buy
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇒
⇒
Downside risks dominated the New Zealand Dollar against the US Dollar on Wednesday. As a result, a breakout occurred through the lower boundary of an ascending channel pattern.
Given that a breakout has occurred, the currency pair could continue to decline during the following trading session. The possible target for bearish traders would be near the weekly support level at 0.7000.
However, if the exchange rate breaks a resistance cluster formed by the 50-, 100– and 200– hour SMAs, a surge towards the 0.7080 level within the following trading session.
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