NZD/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of the week the pair failed to consolidate above the major level at 0.83 and fell below this level, meanwhile forming the falling wedge pattern. Currently, the pair is testing the upper trend-line that is slightly below the 0.82 level; although, to our mind a continuation of the pattern is still possible. The hourly and daily technical indicators are neutral; however, the 4H ones are pointing downwards, thus suggesting that the down-trend will continue. Even likelier the drop seems because of the trend's narrow range, the pattern's support level stands at 0.8131, which is just about 50 pips lower from the current market price.
© Dukascopy Bank SA
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