NZD/CAD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A Triangle pattern was formed by NZD/CAD on the May 29, when the pair dropped from 0.8465, currently represented by a Fibonacci Retracement. The pattern can be very profitable for trade, as the trading range is narrowing and is now only 180 pips. Therefore, a breakout is expected, but not later then July 26, when both trend lines will converge.
According to aggregate technical indicators the pair is likely to move to the south, as indicators on 4H and 1W charts are sending "sell" signals. However, indicators on a 1D chart are pointing at appreciation of the pair, so a penetration of the resistance line should be kept in mind.
© Dukascopy Bank SA
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