NZDUSD: Expanding Wedge

NZDUSD, H4

On the H4, NZDUSD formed an expanding wedge pattern after a prolonged rise. The price bouncing off the upper trend line almost reached a vital support area, which creates two possible options.

• If the price falls below the support at 0.6100, breaking the lower trend line, a fall to 0.6040 can be expected;

• A rebound from the trend line will open the way for a rise to 0.6170;