NZD/USD brief retracement down is likely

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

Positions Today Yesterday % Change
Longs 62% 57% 8.06%
Shorts 38% 43% -13.16%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The New Zealand Dollar was constrained mainly by bullish sentiment on Monday against the US Dollar and thus sending the currency pair to breached the upper boundaries of both descending channels.

A strong support cluster set by the combination of the 55– and 100-hour SMAs located near the 0.6774 mark was providing support for the exchange rate at the time of this analysis.

Should in case bulls continue to prevail in the market, the currency exchange rate is likely to break out from a significant resistance level formed by the weekly pivot point at 0.6841 during the following trading session.

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