NZD/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We have already discussed this trade pattern earlier this week, however, it is getting even more attractive, as price is moving closer to the apex. The pair is still trading in boundaries of the pattern, the range, however, is constantly narrowing, and trading volumes are decreasing, meaning a breakout is inevitable. Statistically, the breakout is upward 54% of the time, hence, it is hard to project in which direction the breakout will occur. Traders, believe the pair will head to the south, as 70% of opened positions are short. Moreover, technicals on a 4H chart are bearish. Indicators on a weekly chart are suggesting the penetration of the support line can be only a throwback.
© Dukascopy Bank SA
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