NZD/USD encounters resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 48% -11.63%
Shorts 57% 52% 8.77%
Indicator 4h 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

By the middle of Monday's trading the New Zealand Dollar had revealed additional information regarding its future moves against the US Dollar. The pair had shown a medium term ascending channel pattern on the hourly chart. The pattern was revealed when the currency exchange rate bounced off the resistance line of the newly discovered pattern. However, that does not fully give an answer to the question—where is the pair heading in the short term. There are two most likely scenarios. Firstly the pair might decline, and in such case it would face various support levels, as the weekly PP is at 0.7110, and the 55 and 100-hour SMAs are advancing near the 0.71 mark. In the second scenario the pair would remain near the resistance of the 38.20% Fibonacci retracement level at 0.7134.

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