NZD/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD currency pair looks highly attractive for traders at the moment as it is approaching the apex of triangle pattern, formed on August 30. Recently bulls have tried to break the upper trend line, however, the price moved back in pattern's boundaries. Nevertheless, in a couple of days both trend lines will converge, and the fact trading volume is constantly decreasing is reinforcing a view the pattern will be completed soon. Even though it is not an ascending triangle, we might suggest the pair will perform an upside breakout, supported by aggregate indicators on a daily chart, and the recent false breakout. In case of an upside movement, bulls will face strong resistance around 0.8619.
© Dukascopy Bank SA
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