NZD/USD 1H Chart Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD surged around 2.5% over the last two weeks, but is now losing bullish momentum as highs become lower inside of a rising wedge pattern. The latest wave south failed to reach the senior trend-line, recently sketching a new steeper one. On its way towards the upper trend-line of the wedge, NZD/USD will encounter 0.7148, 0.7153 and 0.7157 before a dip that could take the pair out of the pattern to the downside. The pair is currently bolstered by various time-frame SMAs as well as a green Ichimoku cloud, meaning that the downfall will not come easily.
© Dukascopy Bank SA
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