EUR/NZD 1H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A set of patterns sending mixed signals on the future direction of EUR/NZD suggests that it could go either way in the short term, while we lean heavily in favour of a bearish market in the long term. On its way to the bottom trend-line of the channel down EUR/NZD sketched two overlapped patterns – a symmetrical triangle and an ascending one, meaning that the pair could either go on to tap the senior trend-line around 1.5058 or fall short of a completion of the motion with an immediate surge towards the upper channel line at 1.5714. We are then looking for some trouble at 1.5212 where the two-week downtrend will have to be broken.
© Dukascopy Bank SA
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