EUR/NZD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD has been moving higher since it hit almost a half-year low in mid-October. However, the formation of the rising wedge pattern started only in October 21 when the currency couple considerably sped up the pace of its appreciation. At the moment, the single currency is attempting to gain footing against the New Zealand Dollar at six-week high of 1.6627. Traders believe the Euro may succeed in hitting this high against the Kiwi with the proportion of long positions being 62.50%. Meanwhile, technical indicators also call for an increase in the Euro value against the Kiwi in the short-term.
© Dukascopy Bank SA
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Fri, 25 Oct 2013 06:17:27 GMT

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