EUR/NZD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rebound from a three-year low of 1.5479 performed by EUR/NZD lasted less than one week ended June 30 when the pair embarked upon formation of the falling wedge pattern.
However, the downside trend pertaining to the nature of the pattern is likely to end as EUR/NZD seems to have managed to settle above the pattern's resistance. Now The 200-hour SMA and daily R1 at 1.5580/4 act as a formidable resistance preventing the pair from further appreciation but given that two-thirds of traders on the SWFX are bullish, the pair may overcome this level soon.
© Dukascopy Bank SA
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