NZD/USD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the Kiwi/Greenback currency pair managed to confirm the triangle pattern by breaching its lower boundary back on January 2, on Monday it commenced a recovery and returned back to trade around 0.7820 today. At the moment signals for the future development of the cross are rather mixed. While technical indicators assume an increase of the Kiwi in the short-term, in daily and weekly perspectives they see a decline of the pair. Moreover, 55% of SWFX traders are bearish right now. Despite that, there is a strong demand area located around 0.7760, which is unlikely to give up easily. Therefore, we forecast the sideways movement to take place in the near term.
© Dukascopy Bank SA
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