NZD/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The trading range of the Kiwi/Dollar has been narrowing since May 17 when this currency pair has commenced a first leg down in the direction of 0.67. Now the difference between the upper and lower trend-lines amounts to only 60 pips and it will continue decreasing. Under the base scenario we will see a fresh slump down to 0.67, namely the weekly and daily S1s, followed by the pattern's support at 0.6688. This idea is backed by all technical indicators. Despite that, falling wedges imply an upward breakout in the future and this may happen throughout the next trading week. However, the 200-hour SMA at 0.6758 will likely attempt to limit the rally, but the SWFX market remains positive (55% long).
© Dukascopy Bank SA
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