NZD/USD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A medium-term outlook for the New Zealand Dollar is bearish. Considering the appearance of a currently evolving symmetrical triangle was preceded by a strong sell-off from 0.88, the break-out is more likely to occur to the downside. In the meantime, there might be a retest of the Dec 30 high at 0.7850. But once the up-trend at 0.7760 is violated, the Dec 18 low at 0.7680 should become the next target, though potentially NZD/USD may plunge as low as 0.76, namely the previous month's minimum. As for the SWFX sentiment, the difference between the bulls and bears is not particularly significant—44% of positions are long and 56% are short.
© Dukascopy Bank SA
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