novvoll12

NZDUSD Potential positive divergence cautions for consolidation

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD             forms a 7-day falling wedge from .6738 (July 28, 2015 high) while posting a new 6-year low at .6491 Wednesday (August 5, 2015), near the .6497 low (July 16, 2015). Potential positive indicator divergence cautions for further consolidation within the wedge . Clearing .6615 near 3-month falling channel upper bounds and wedge resistance (as shown on the 240minute chart) would signal a breakout and shift the focus towards the .6738/6741 range ceiling which may cap. However, a slump through the .6491/.6497 area would negate and weaken towards .6388 (the 61.8% retracement of the .4890/.8835 2009/2014 upswing).
Outlook:
Short term: neutral
Long term: bearish
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