NZD/USD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Kiwi is poised to become one of this year top performers, however, even they cannot appreciate forever. Hence, after forming a rising wedge pattern on November 29 the pair is approaching pattern's lower boundary, suggesting bears are ready to push the pair lower. Everything now is speaking in favour of a downside breakout, with technical indicators being either neutral or sending "sell" signals. Meanwhile, 69% of traders are holding short positions, also supporting the case of a movement to the south. The last but not least, is the fact the pair is bounded between a 200-period SMA and pattern's support. The next key level for short traders is located at 0.8189.
© Dukascopy Bank SA
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