Autochartist recently identified the daily Falling Wedge chart pattern on the NZD/USD charts – as you can see from the following trade alert for this pair. NZD/USD is expected to break out of this Falling Wedge and then to reach the target level 0.8499 in 3 trading days. Autochartist set the stop-level for this forecast at 0.8311 (A). This point was formed earlier when NZD/USD corrected up with the weekly Hammer from the Fibonacci cluster consisting of 32.8% and 61.8% Fibonacci Retracements of the previous weekly upward impulses from February of this year and June of 2013.

Forex Update

The following weekly NZD/USD chart shows the support levels mentioned above:

Forex Update