EUR/NZD 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has formed a rather orderly Rising Wedge pattern. Pattern's quality and magnitude ratings are well above the average. Trading volume goes well in line with the idea that it decreases before a possible breach. In addition, at the moment pair is trading just slightly below the 2013 high which was reached in the end of June. For the purposes of the analysis it is worth mentioning that last week pair closed just slightly below the 2012 high at 1.6980 and Fibonacci retracements used in the analysis are for the mid of April till end of June move (from pattern's support to the pattern's resistance).

© Dukascopy Bank SA
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