NZD/USD two scenarios likely

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs74%74%-0.7%
Shorts26%26%1.9%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuySellSell
Aggregate⇗⇘⇘

[ANNOUNCE]The New Zealand Dollar appreciated by 236 pips or 3.80% in value against the US Dollar on Monday. The currency pair tested a resistance cluster formed by the weekly R1 and the monthly R1 at 0.6434 during yesterday's trading session. [/ANNOUNCE]

Currently, the exchange rate is testing a support cluster formed by the 50-, 100– and 200– hour SMAs at 0.6313.

If the support cluster holds, a surge towards the upper boundary of a descending channel pattern at 0.6434 could be expected today.

However, technical indicators suggest that the currency exchange rate could continue to edge lower within this session.

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