NZD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 124-bar long rising wedge was formed by NZD/USD on September 23. Despite the fact the pair has average percentage of quality and magnitude, it has been relatively volatile during the last hours, and according to the technical indicators on a 4H chart, we would see a period of consolidation in the nearest future. However, 73% of all opened position are short, while the fact that Kiwi is sold in 71% of all cases in reinforcing a view the support line could be penetrated soon. The outlook is bearish, so short traders could focus on a pattern's support at 0.8277, while just 20 pips lower is located daily support and a 20-day SMA.
© Dukascopy Bank SA
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