EUR/NZD 1H Chart: Symmetrical Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 2.6% surge resulted in a week-long consolidation inside the bounds of a symmetrical triangle. After breaking the upper trend-line of the triangle, EUR/NZD got carried away in the rebound, dipping below the broken level at 1.5441. We are looking for a rally to come next, setting 1.5475, 1.5500 and 1.5511 as the closest levels to watch, but with risk at 1.5552, where the major supply level could let bears take over in the short-term. In case the rate closes the hour below the trend-line, demand zones at 1.5432, 1.5428 and 1.5422 could deny access to levels underneath, causing future movements to contain an uncertainty factor. While 55-hour and 100-hour SMA lie just beneath the broken trend-line, pushing the rate currently down, they do provide potential bullish pressures in case the broken line is confirmed and the rebound is completed with a bounce from the area.
© Dukascopy Bank SA
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