NZDUSD consolidates within descending channel


NZDUSD Daily

The current consolidation occurring on this pair can be attributed to the strong bearish trend which occurred from July, lasting through the third and fourth quarter of the year after falling to a multi-year low at 0.76074. Aggressive traders may try to trade inline with this range, but more conservative traders would be watching for clearer direction and positioning for a potential breakout.

From technical analysis point of view, we can conclude that until the wedge formation is broken or the pair bounces off the upper boundary of the wedge, the trend is considered to be sideways.

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