NZD/USD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Very similar to the Gold/Dollar cross, the Kiwi/Greenback currency pair has formed a falling wedge pattern, meaning that two trend-lines of the pattern will converge soon. Just recently the pair has climbed to the upper-trend line and even breached it; however, the 200-hour SMA at 0.8346 pushed the Kiwi back to trade below the mentioned level. At the same time, we tend to believe that the currency cross will eventually break the nearby resistance levels and begin rising. Market participants support such course of events, as 57% of all opened positions are long. On the other hand, technical indicators are undecided on pair's future, being that all of them send neutral signals.
© Dukascopy Bank SA
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