NZD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD started to form a rising wedge pattern on November 27; however, a clear upside trend has been observable only since November 29 when the pair bounced off almost a three-month low. At the moment of writing, the currency couple was trading below the pattern's support for fourth consecutive hour, suggesting that the breakout may have occurred. However, the pair seemed to be unable to decline sharply as it remained trapped by its SMAs, with the 50-hour SMA meandering slightly below the pair, acting as a strong support level capable to prevent the downswing.
© Dukascopy Bank SA
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