EUR/NZD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
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
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