NZD/CAD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has recently formed a triangle pattern on an hourly chart that at the moment is about 70 bars long. Both converging trend-lines have been respected by the currency pair several times, suggesting that the price is likely to get close to the apex of the formation before breaking out of it.
Moreover, the technical indicators for the nearest time-frames are in favour of directionless trading for the time being. However, the same cannot be said about the SWFX traders' sentiment, which is strongly bearish towards NZD/CAD—72% of positions are short, although this is a plausible longer term scenario.

© Dukascopy Bank SA
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