NZD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A break below the bottom trend-line of the week-long wedge NZD/USD traded in suggests that a steep downward motion will extend the recent theme, further implying that a retracement should take place after the plunge is executed. We see the 0.7181/7166 area as one capable to limit dips underneath in the short term, with further risks skewed to the downside when the correction is completed. Considering the incomplete channel-like form of the recent motion, a possibility of the bullish market extension cannot be eliminated – meaning that should NZD/USD limit its weakness with 0.7207, a bounce towards the upper trend-line would confirm the channel, which would then lead to tests of levels above the channel bottom line.
© Dukascopy Bank SA
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