NZD/USD 4H Chart: Rising Broadening Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initiation of the rising broadening wedge on the four-hour chart of NZD/USD dates back to three weeks ago, when the currency pair resumed advancement after a consolidation. Since then volatility of the exchange rate, represented by the trading range, has been increasing, but the price has still been respecting the up-trend lines. In fact, it is currently testing the lower one, at 0.8517, which is reinforced by the daily S2 level.
However, the traders' sentiment with respect to the New Zealand Dollar is strongly bearish—73% of presently open positions are short and only on the daily time-frame are the technical indicators mostly giving signals to buy the kiwi.

© Dukascopy Bank SA
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