NZD/USD 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The NZD/USD currency pair is going to trade under substantial bearish pressure from the dense resistance area around 0.7160. This cluster is composed of 100-hour SMA, daily pivot point and the pattern's resistance. Moreover, the latter level is also reinforced by the weekly pivot point from above. They are likely to send the Kiwi considerably to the downside in the foreseeable future. Judging from technical indicators, the bearish development will begin in the next 24 hours, and the pair will leave the area around the upper edge of the pattern.  Meanwhile, a moderate majority (56%) of SWFX market participants suggests the Kiwi is going to depreciate against the US Dollar.
© Dukascopy Bank SA
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