NZD/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA

A 126-bar long triangle, or a so-called symmetrical triangle, was formed on the May 29, when the pair dipped from 0.8464, level currently represented by a Fibonacci Retracement. The trading range is narrowing and the pattern is moving closer to its apex, as both trend lines will converge on July 26. According to the tools of technical analysis, the movement to the support line is widely expected, as technical indicators on aggregate are univocal, while the majority (73%) of all market participants are opening short positions.

 

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