EUR/NZD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair seems to have stabilized after a 1200 pip sell off in the end of August-beginning of September. As it is a major, one direction move, we could not utilize Fibonacci retracements in to our analysis. At the moment is being supported by the weekly PP and trading at the cluster of technical levels (20-bar and 20-day SMAs and daily PP). Technical indicators do not give clear directional indications. We could expect for the pair to stay in the pattern's boundaries (due to the neutrality of technical indicators) and bounce from the pattern's support. In such case we could expect that the pair will peak outside the pattern (since it is trading in the last decimal of the pattern's length).

© Dukascopy Bank SA
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