NZD/USD two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs57%59%-2.6%
Shorts43%41%3.4%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellNeutralSell
SAR(0.02;0.2)SellBuyBuy
Aggregate

Downside risks have dominated the New Zealand Dollar against the US Dollar since yesterday's trading session. The exchange rate fell by 152 basis points or 2.48% on Wednesday.

All things being equal, the NZD/USD currency pair could continue to decline within this session. Bearish traders might target a support level formed by the weekly S1 at 0.5909.

On the other hand, the currency exchange rate could make a U-turn from the current price level at 0.5956 and aim for the 200– hour SMA at 0.6020 within this session.

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