NZD/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a confirmation of the triangle pattern, which started emerging on a hourly chart in the end of October, the Kiwi is in a good position to lose value against the Greenback. The bearish pressure was strong enough to breach some strong demand areas, including the one around 0.7806 (weekly S1 and daily S2). We assume the pair will decline further, as the closest important support is represented only by weekly S2 at 0.7722. 52% market participants are holding short positions on this cross, supporting the idea of a downtrend. Moreover, hourly technical studies give an aggregate signal to the south. At the same time, they suggest the Kiwi will rebound in the long-term.
© Dukascopy Bank SA
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