NZD/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD started to shape a falling wedge in mid-January when it hit a three-month high of 0.8432. Since then the New Zealand Dollar has been gradually losing ground versus its U.S. counterpart; however, the pace of depreciation may even accelerate in future given that the pair dived below the lower boundary of pattern a few hours ago. Now NZD/USD represents a lucrative opportunity for market players as the breakout is likely to appear real; according to the SWFX data, the proportion of short positions to the total number of placed orders is almost 60%.
© Dukascopy Bank SA
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