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NZD/USD has gained some volatility, increased it's trading range and has formed an Ascending Broadening Wedge pattern on the 4H chart. The pattern has 42% quality and 38% magnitude in the 97-bar period.
The pattern started when the pair rebounded from 0.8016 and after testing pattern's support band at 0.7839 and 0.7861, it has slowed down at around 0.8030 where the pair is currently trading. Technical indicators on aggregate do not suggest any clear emerging trends in the nearest (4H and 1D time horizon) future, but the SWFX market sentiment shows that 65% of traders anticipate augmentation of the pair. Long traders could set the first target at the 19th of July peak at 0.8054. If this level is breached, next target would be at 0.8063 and the recent pattern's resistance band test level at 0.8075.
Technical indicators on aggregate on 1W outlook and the Stochastic indicator on 4H and 1D time horizons point at depreciation of the pair. Short traders could set the first target at 0.8028 which might be tested soon enough. If this level is breached, next targets might be at the psychological level of 0.8000 and daily retracement (Fibonacci) at 0.7986.
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