NZD/USD plummets below dominant support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 36% 35% 2.78%
Shorts 64% 65% -1.56%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The New Zealand Dollar against the US Dollar has favored the long term traders, as it has fallen in the last few trading sessions like a rock. Various medium term patterns have been broken, and, actually, their drawing proved to benefit only to show the short term stops of the pair. 

On Wednesday the currency pair was about to fall down to the support of the weekly S2 at the 0.7179 level. The reason for that is the simple technical fact that the various supporting SMAs of the hourly chart have been left far above the pair.  

Moreover, the pair has broken below the support line of a dominant pattern, which has begun to provide resistance.

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