New Zealand’s Dollar has been appreciating in a rising wedge formation since February. It has also touched horizontal resistance, located at the 0.6091 level on numerous occasions since Oct 2008 (dashed white line). Within the last 20 minutes, price action on NZDUSD has broken through this horizontal ceiling and appears to be heading straight for rising wedge resistance. Such a chart pattern is indicative of an oncoming bearish move and may see the pair break through the green support line after a southward pullback.
