GBP/NZD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of August the 200-hour simple moving average has successfully underpinned the currency pair and thereby preserved the bullish outlook. However, each subsequent peak GBP/NZD charted was lower than the previous one, resulting in a triangle being formed on an hourly chart.
The pair is already at the very end of the pattern, meaning the break-out is supposed to occur in the nearest future. Judging by the signals provided by the technical indicators and the assumption that the path of the least resistance is to the upside, a rally is considerably more probable than a dip.

© Dukascopy Bank SA
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Fri, 09 Aug 2013 06:27:40 GMT

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