NZD/USD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though NZD/USD has slow downed its decline, the pair is still falling gradually. It has not managed to surpass the 0.80 mark and that has pushed the pair into a falling wedge pattern.
As mentioned the Kiwi Dollar is struggling to breach the 0.80 level and that has pushed the pair lower. Most likely the pair will not find the necessary bullishness to climb higher, thus the target is the lower trend-line near the 0.76 mark. The 4H and daily technical indicators are also bearish as they are indicating on the pair being overbought by sending ‘sell' signals. At the same time the SWFX traders' are neutral towards the pair, splitting the amount of opened bullish and bearish positions.
© Dukascopy Bank SA
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