AUD/NZD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early May, the Australian Dollar has been on the rise against the kiwi and on May 22 the pair started to shape a rising wedge pattern. The formation is relatively short, only 76-bar long, and it is not become much longer given that AUD/NZD now is on the verge of breaching the upper boundary. Market players also believe the breakout is looming-more than 82% of positions are long, according to the SWFX data. Meanwhile, to confirm this outlook, the instrument has to overcome the level of 1.0853/68 (four-hour R1, R2; daily R2) and the mark of 1.0882/90 (daily R3; four-hour R3); above these resistance zones the pair is likely to enjoy a sharp rally.
© Dukascopy Bank SA
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