GBP/NZD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The short-term outlook is bearish, as the pair has just bounced off the resistance trend-line. Additionally, the one-hour and four-hour technical indicators are mostly pointing south. Still, after the price touches 2.3357 there is likely to be a recovery with a subsequent upward break-out, as GBP/NZD is closing in on the apex of the falling wedge, namely a bullish pattern. This will be confirmed once we see a close above 2.36. In this case the first major target will be the 200-hour SMA at 2.39, followed by a solid resistance level at 2.46, represented by the September high. Meanwhile, the SWFX traders are almost equally divided between the bulls and bears: 53% of them are long and 47% are short.
© Dukascopy Bank SA
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