NZD/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the middle of November the New Zealand's currency is falling against American dollar. As a result, the pair managed to create a falling wedge pattern on the four-hour chart. Recently, the cross touched the pattern's resistance for two times, but it still seems that the overall intention of the Kiwi is biased in favour of a decline. On the other hand, the pair is currently supported by a monthly S1 at 0.7687 from the south, while SWFX market participants are completely undecided on pair's perspectives. Short-term technical studies, in turn, are giving neutral signals at the moment. Therefore, in the nearest future we would assume the NZD/USD to trade mostly sideways.
© Dukascopy Bank SA
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