NZD/USD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand's currency started declining versus the Buck on November 18. As a result, the broadening falling wedge pattern has emerged on an hourly chart. Concerning most recent movements, the pair has bounced from the upper trend-line and is losing value at the moment, hovering towards the lower boundary. The closest support for the Kiwi is located at 0.7816 (daily S2; weekly S1). According to short and medium-term technical indicators, the pair is likely to have problems at this level and at least hold for some time from dropping further. Moreover, market participants are undecided on pair's perspectives, as bulls and bears have 49% and 51% of all opened positions, respectively.
© Dukascopy Bank SA
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