NZD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD breached a rising wedge pattern eight hours ago; however, the pair was not falling with alacrity after the bearish breakout. The currency couple consolidated slightly below the pattern's support and is not likely to follow a downtrend; the SWFX data indicates that 67.59% of traders bet on appreciation of the pair. This may mean that the breakout was false and NZD/USD may return to the pattern's range in the hours to come. At the same time, if eventually the breakout appears to be real, the currency couple is likely to witness a sharp depreciation in the nearest future.
© Dukascopy Bank SA
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