NZD/USD: Breakout Of A Bearish Rising Wedge - BofA Merrill
11 January 2016, 09:32
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The long term downtrend for NZDUSD is at risk of entering another leg lower. A bearish rising wedge price pattern is developing on the weekly chart. This is a corrective pattern represented by two positively sloped and converging lines that consolidated a downtrend. When the support level in the pattern is broken, it implies a continuation of the prior downtrend. If price closes below the support line of about .6550, support is broken and new downside targets can be estimated. There is significant confluence at.....
