NZD/USD 4H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD took up some volatility to form a symmetrical triangle just to lose it again as the bounds became distinctly narrow. Currently targeting the upper trend-line at 0.7199, the pair is likely to weigh on the bottom boundry at 0.7157 on the following wave, and we will look for the level to break. The dip will be likely cut by 0.7121 where the rate could retrace to the broken trend-line and then extend the bearish motion. Immediate resistance lies at 0.7153, the weekly Pivot Point, and additional short-term supply pressures are going to make the pair's way down all but smooth.
© Dukascopy Bank SA
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