NZD/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD soared to half-year highs just to slip again and sketch a falling wedge formation. The pattern suggests a bullish breakout, most likely after an additional wave down. The initiated down wave is now facilitated by both SMA pressures and a strong resistance cluster just above, but the monthly Pivot Point has been providing some ground at 0.7177 which will have to be attacked to the downside. There is a single other level which will cause hitches on the current wave and it lies at 0.7170. The first reasonable target above the bounds of the wedge lies at 0.7212.
© Dukascopy Bank SA
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