GBP/NZD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD appears to be forming an ascending triangle in the hourly chart, and soon there is going to be a break-out. If the currency pair closes above 2.3834, the initial target will be the July high and weekly R1 at 2.40, and there are enough reasons to believe that the rally will eventually extend up to the 2009 September high at 2.42. Alternatively, if the bears prevail and the up-trend at 2.3645 gives in, the first objective will be 2.3580, and this level is highly unlikely to surrender easily, considering that it is formed by the weekly PP, Aug 4 low, and also the 200-hour SMA. The next objective will be 2.3460 (July 31 low). The sentiment right now is moderately bearish: 57% of positions are short.
© Dukascopy Bank SA
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Wed, 05 Aug 2015 13:40:03 GMT

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