NZD/USD 1H Chart: Rising Wedge

Rising Wedge pattern in the kiwi-greenback cross has been narrowing it's trading area by 60 pips in the 100 bar period. It is worth pointing out that trading volume has decreased significantly lately and taking in to the account that the pair is trading on the pattern's support we could suspect that either bulls or the bears are preparing for an attack. However, since open positions are almost equally distributed between the long and short traders we should pay attention to the distribution of pending orders. It is heavily (68%) in favour for the bears what could explain the recent hovering below 0.795.