USD/SEK 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has formed a high quality and magnitude pattern which at its own makes the pattern worth of attention. In addition, currently the pair is trading on the pattern's resistance after a pullback from the 200-bar SMA. It is worth mentioning that pullback is a phenomena often met in triangle patterns. In approximately 70% of the cases eventual breakout direction coincided with the direction of a pullback, upwards in the case. Support for such turn of events is given by the long term technicals as well. Some questions arise due to the neutral outlook of the short and medium term technicals, but it seems it indicates that the pair will come back in to the pattern's boundaries. 

© Dukascopy Bank SA
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