NZD/USD was decreasing during the last week, forming a Descending triangle pattern. The formation has 76% quality along with 71% magnitude within 117 bars.
The price recoiled from the pattern's support level at 0.8123, and slowed testing the resistance at 0.8169. Bullish investors may focus their attention on the key level around 0.8178/97. If the price breaks this level, the forecast target for long traders might be around 0.8215.
The Stochastic indicator reached its overbought area, and if it rebounds, it could be a sign of possible trend change. The pair's bias on 1H timeframe is bearish, while on 4H and 1D it remains neutral. If the price bounces off the resistance level at 0.8169, the premier target for short traders could be around 0.8123/45, where the pattern support level stands.