Forex: NZD/USD supported by weekly and monthly PPs

A strong support cluster formed by the combination of the weekly and the monthly pivot points at 0.6503 has helped push the New Zealand Dollar versus the US Dollar higher during the previous trading session.

The rate ended the previous trading day with a 67 base points gains. The currency pair breached both the 50-, 100-, and 200-hour simple moving averages as a result.

Given that the NZD/USD currency exchange rate has moved closer to the upper boundary of a descending channel, a breakout could be expected during the following trading session.

Positions Today Yesterday % Change
Longs 62% 56% 9.68%
Shorts 38% 44% -15.79%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Buy
Stochastic (5; 3; 3) Sell Neutral Buy
Alligator (13; 8; 5) Neutral Sell Sell
SAR (0.02; 0.2) Buy Sell Sell