NZD/USD breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 17 Feb 2021 08:25:16 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
39%
35%
11.3%
Shorts
61%
65%
-7.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Sell
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇗
⇗
The New Zealand Dollar has declined by 88 pips or 1.22% against the US Dollar since Tuesday's trading session. A breakout occurred through the lower line of an ascending channel pattern on Tuesday.
Given that a breakout has occurred, bearish traders could continue to pressure the NZD/USD exchange rate lower during the following trading session. The possible target for bears would be near the 0.71400 level.
However, the weekly support level at 0.7175 could provide support for the currency exchange rate in the shorter term.
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