EUR/NZD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A dive below its 50-hour SMA on October 11 created a formidable resistance that blocked any attempts of EUR/NZD to appreciate until October 17 when the pair eventually breached this resistance line and commenced to recover its losses by shaping a rising wedge pattern that represents a corridor of two gradually converging upward-sloping lines.
The pair now is struggling at its 200-hour SMA and may venture to jump above this level thus approaching the upper boundary of the pattern. However, the SWFX data shows that traders consider the pair too feeble for this endeavour and bet on depreciation in 71.43% of cases.
© Dukascopy Bank SA
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