dvdubrovsky

New Zealand Dollar Vulnerable as NZD/USD Eyes Falling Wedge

FX_IDC:NZDUSD   Dolar New Zealand / Dolar A.S.
The New Zealand Dollar's next leg could be lower against the US Dollar after the pair seemingly rejected the ceiling of a Falling Wedge chart pattern.

While the wedge is in itself a bullish formation, prices may consolidate lower within the boundaries of the pattern until a breakout is achieved.

A push above the wedge could hint at resuming the uptrend that occurred from October 2020 through February 2021. Along the way is the 0.7268 - 0.7315 inflection zone.

A bullish crossover between the 20- and 50-day Simple Moving Averages still offers a near-term upwards technical bias. Prices are testing the 20-day line at the time of publishing.

Clearing lower exposes the 0.6943 and 0.6881 inflection points towards the August low just above 0.6798.

NZDUSD

Penafian

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