NZD/USD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD sketched an arguable channel which later took more of a wedge-like form and acted like one as well. The pair broke the upper trend-lines of both of the possible patterns and is now correcting the channel one, meaning that a steep northward motion should come next. The first immediate target lies at 0.7019/25 and could mess with bullish momentum before a more prominent uptrend is established. Downside risk as limited by 0.6995, the broken boundary of the pattern, and we are not expecting the pair to be able to slip back inside. An ongoing surge would, however, experience prominent supply at 0.7237 which is the ultimate target for now.
© Dukascopy Bank SA
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