NZD/USD 30M Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD gained bullish potential inside of a falling wedge pattern, as highs became higher but volatility was lost on the downside. Currently moving towards 0.7115, the upper trend-line of the wedge, the pair will encounter supply at 0.7099, where the 20-period SMA lies. With SMAs weighing from above, the pair will face a tough journey that will eventually lead outside of the upper boundary. Short-term dips will be cut by 0.7078/76 with more risk at 0.7065, the bottom trend-line of the wedge. We see the pair respecting the bounds of the wedge up until the 0.7037 level, represented by October lows, is reached, followed by a break out of the pattern right after that.
© Dukascopy Bank SA
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