AUD/NZD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is in a falling wedge pattern against the New Zealand Dollar, as the Aussie has been depreciating against the Kiwi since April. At the moment, the currency exchange rate is fluctuating below the 1.0500 level, and it is slowly moving to the pattern's upper trend line at 1.0519. However, on its way there it faces resistance from the 2015 October low level at 1.0498 and weekly PP at 1.0489. In the meantime, a surge is not supported by the fact that 73% of open positions are long, which indicates that the currency pair is already overbought and there is no more room for new buyers. In addition, daily aggregate technical indicators forecast a downwards movement for the pair.
© Dukascopy Bank SA
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