Autochartist recently identified the Rising Wedge chart pattern on the daily NZD/USD charts – as you can see from the following trade opportunity alert for this currency pair. NZD/USD is expected to break this Rising Wedge and then to fall to the target level 0.8714 in the next 4 trading days. Autochartist set the stop-level for this forecast at 0.8837 (point B). This point formed recently when the pair reversed down from the resistance zone surrounding the major long-term resistance level 0.8830 (which also previously reversed the strong uptrend in August of 2011 – as you can see on the second chart below).
The monthly NZD/USD chart below shows the previous price action close to the resistance level 0.8830: