NZD/USD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair failed to strengthen above the 0.85 mark on 14th of August and since then it has lost around 400 pips, meanwhile forming a broadening falling wedge pattern. At the moment, NZD/USD is trading around the lower trend-line, which is represented by monthly S1 at 0.8083. Additionally, that is indicating on a higher probability of a bearish break-out, as the pair has been challenging the trend-line. Moreover, all of the technical indicators are pointing to the downside; therefore, strengthening the bearish scenario. Nevertheless, 58.48% of the SWFX traders think that the pair is oversold. If the 0.81 level holds then a short-term rebound is possible.
© Dukascopy Bank SA
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