Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD 1H Chart: Broadening Falling Wedge
Comment: The Kiwi attained the highest level in November at 0.7974 against the US Dollar; the advance to this peak provoked a retreat that pushed the pair into a broadening falling wedge pattern.
The NZD/USD cross is currently challenging the upper trend-line of the pattern; however, so far not successfully. To our mind the daily R1 together with the pattern’s upper trend-line is quite a formidable resistance and most likely it will hold the Kiwi’s bulls back. Therefore, we see the pair to continue its bearish trend. Meanwhile, the SWFX data fails to shed the light on the pair's future moves – the proportions of long and short positions are almost equal.
GBP/NZD 4H Chart: Broadening Falling Wedge
Comment: After failing to consolidate above the 2.10 mark, GBP/NZD came under heavy selling pressure that pushed the pair into a broadening falling wedge pattern.
Nonetheless, the pair has showed unwillingness to depreciate by testing the upper trend-line and now it is moving in its direction once again. Although, to do that the Pound’s bulls have to breach the monthly S1, weekly R1 and daily PP that are located above the 2.00 level, which is also significant on its own. The technical indicators are sending mixed signals, while the SWFX traders’ are rather confident on that the pair is going to appreciate as 63.28% of them have opened long positions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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