NZD/USD decline likely to continue - Technical Analysis - Dukascopy Bank

Mon, 08 Mar 2021 09:21:21 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs50%51%-3.0%
Shorts50%49%2.9%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

On Friday, the New Zealand Dollar edged up by 55 pips or 0.77% against the US Dollar. The 50– hour simple moving average provided resistance for the currency pair during Friday's session.

Technical indicators flash selling signals on the 4H and daily time-frame charts. The exchange rate will most likely continue to edge lower in a descending channel pattern today.

However, the weekly support line at 0.7069 could provide support for the currency exchange rate within this session.


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