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NZDUSD: Rising Wedge Hints at Weakness

By , Currency Strategist
15 July 2011 02:34 GMT

Strategy: Pending Short

NZDUSD appears to be carving out a bearish Rising Wedge chart pattern below the 0.85 figure. Negative RSI divergence reinforces the case for a downside scenario. However, confirmation remains elusive and we will remain on the sidelines for now. A pullback from current levels sees initial support at 0.8374 and 0.8241.

NZDUSD_Rising_Wedge_Hints_at_Weakness_body_Picture_5.png, NZDUSD: Rising Wedge Hints at Weakness

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15 July 2011 02:34 GMT