I would say, NZDUSD is forming a falling wedge. Why?
Let’s see the signals. MACD shows a bearish signal and cross may not appear soon. So, this indicates a downward trend may last for a while. Also, the RSI shows the same signal, which is bearish. As we can see, although these signals show the bearish trend, the price is not just going down, it fluctuates within a triangle I marked, which is a falling wedge.
How deep would this falling wedge go?
It could be around the 0.786 Fibonacci I marked, which is 0.6568.
The price had been rising for a while and the trend was mild and stable. So, the price could go back to that trend again after the falling wedge.
Let’s see the signals. MACD shows a bearish signal and cross may not appear soon. So, this indicates a downward trend may last for a while. Also, the RSI shows the same signal, which is bearish. As we can see, although these signals show the bearish trend, the price is not just going down, it fluctuates within a triangle I marked, which is a falling wedge.
How deep would this falling wedge go?
It could be around the 0.786 Fibonacci I marked, which is 0.6568.
The price had been rising for a while and the trend was mild and stable. So, the price could go back to that trend again after the falling wedge.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.