NZD/USD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the peak at 0.8838 the pair started to decline and by doing that it formed a falling wedge pattern. Since the beginning of the trend the pair has already lost more than 500 pips; however, there is still no clear indications whether the pair is poised for changes in the current trend. The technical studies are very much mixed, thus there is no help from them. Nevertheless, we expect NZD/USD to approach the 0.82 mark and the pattern's support. Any decline from that point could fuel a sell-off; however, we are sceptical on the pair sliding below the 0.82 level. Meanwhile, the SWFX market participants are bullish (57.80%) on the pair.
© Dukascopy Bank SA
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