NZD/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A falling wedge led NZD/USD south, causing a build-up of bullish momentum, which should soon be expressed. The short-term movements have now entered a market that could be characterized as ranging, as the rate has entered a red Ichimoku cloud. We would expect the pair to continue its path to the northern boundary, and stickiness at the area could lead to a bullish breakout. The motion will, however, lack steepness, meaning that the consolidation is likely to extend for a few days. Ultimately, 0.7060 will be a level of interest when looking for signals on reversals.
© Dukascopy Bank SA
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