EUR/NZD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel-wedge combination ran the trend for EUR/NZD, leading the pair to re-test May 2015 lows. We lean in favour of the wedge above the channel, meaning we exclude the Election jump and confirm diminishing volatility. We look for the rate to attempt the bottom trend-line of the wedge around 1.4858. Hitches at 1.5056, 1.5008 and 1.4937/4913 will flatten the motion. Our attention will then shift to the upper trend-line, which could be breached on the next wave north. On the way, 1.5199, 1.5201 and 1.5216 will mess with the momentum, but we expect the pair to ultimately push through and eventually break the upside boundary of the wedge.
© Dukascopy Bank SA
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