AUD/NZD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
The Australian Dollar is in a descending wedge against the New Zealand Dollar. The medium sized wedge has formed as a result of the currency exchange rate's passing of the support provided by the previous ascending channel pattern. Most recently the pair has been trading near the 50.00% Fibonacci retracement level, which is located at the 1.0757 level. The pair is most likely about to touch the upper trend line of the falling wedge and then attempt to pass the retracement level. The retracement levels for this pair are measured by connecting the 2016 September low and the 2016 April high level. The retracement levels have proven themselves to be strong enough to even change the direction of the Aussie against the New Zealand Dollar.
© Dukascopy Bank SA
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