The global financial landscape is ever-evolving, with various factors influencing currency movements. The dollar, being a linchpin in the global economic system, constantly attracts attention. 

In recent observations, it appears that the dollar is experiencing an upward trajectory, showing signs of potentially testing the resistance of a descending wedge pattern on the daily timeframe. This article delves into the current state of the dollar's rise and its potential path forward, shedding light on the significance of the pattern in question.

The AUDNZD Performance 

We can see a 10-month swing out of an area of consolidation creating a High on the weekly timeframe. Dropping down to a daily frame, support was at a price point of 1.07605. Currently trending at resistance level 1.08621 testing for a possible break to the upside.

The shorter timeframes have closed above the resistance but no follow-through has been since even though a breakout has occurred. The daily timeframe is where we see rejection, which becomes our area of approval as well. A close of a daily time frame above 1.08621 is our signal for buyers.

The target is at 1.10273, giving traders a total of just over 150 pips. Please note, this isn't financial advice, but support that can assist clients to make a more informed decision on their own. You must carefully apply risk management on a strict basis. 

The USDJPY Performance 

Quick update for traders looking to trade the US dollar long. We have now seen a break above the previous high indicating a new higher high. The target is still at 148.682.

Read More: What are Safe Haven Currencies?

The NZDUSD Performance 

Price is currently trading between the price range of 0.61372 & 0.59156. Looking for a possible short entry after support level 0.59156 is broken. Rejection and approval of this level are seen on the daily timeframe giving the sellers more momentum to the downside. A close below from a daily frame can be a selling opportunity. We noticed that target 1 is at a price point of 0.57350. Furthermore, the target 2 is at a price point of 0.55580.

Final Analysis Of Today’s Analysis 

In the complex world of finance, the movement of major currencies is a constant source of intrigue. Presently, the dollar's upward movement is capturing attention, with indications pointing towards a potential test of the resistance within a descending wedge pattern on the daily timeframe.

As traders navigate these patterns and the multitude of factors influencing the dollar's trajectory, it's important to approach the situation with caution and a well-rounded understanding of the global economic landscape. Whether the dollar will indeed touch the resistance of the falling wedge remains to be seen, but one thing is certain: the financial world will be watching closely. Watch our YouTube channel to get more analysis in depth.