EUR/NZD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On 4th of September EUR/NZD dropped below the 1.5600 mark; however, three days later a broadening rising wedge started to form, suggesting that the pair is poised to recover the previous losses. The pair now is sitting slightly above the monthly PP and weekly R1 at 1.5769/62 and may remain there because of these support levels. Meanwhile, the traders' sentiment on the SWFX is strongly bearish—74.14% are short. The overwhelming majority of bearish traders is suggesting that they think the pair is overbought at the moment, thus a break-out below the 1.57 level could follow.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.