NZD/USD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar accumulated enough strength during its slide to a five-month low of 0.8053 against the U.S. currency to perform a steep rally that sent the pair more than 200 pips higher in less than one day. After that, the pair lost momentum but continued to appreciate, being trapped by two gradually converging lines.
At the moment, the trading range is only circa 37 pips wide and given strong bearish technical and market signals we may witness a breakout in the hours to come. More than 90% of all positions are short, while technical indicators suggest weakness in the long term.
© Dukascopy Bank SA
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