NZD/CAD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has been constantly attempting to exit a 253-bar long descending triangle pattern that has been blocking the pair's moves since mid-June. Up to now, the currency pair has unsuccessfully tried to breach the pattern's boundaries for four times but given that the apex will be reached in a several hours, we may expect NZD/CAD to exit the formation in earnest before long. However, the direction of the looming breakout seems unclear, with the SWFX data showing the proportions of long and short positions to the total numbers of orders are almost equal. Technical indicators shed some light, sending ‘sell' signals for short and medium terms.
© Dukascopy Bank SA
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