NZD/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During last two weeks, the Kiwi/Greenback currency pair has formed a high-quality and magnitude triangle pattern. However, today bears decided to take leadership in their hands and are currently trying to consolidate the exchange rate below the lower trend-line. The negative scenario is shared not only by 1H technical indicators, but also by a majority (74%) of market participants who are holding short opened positions. At the same time, it seems that the pair's future will be decided by its ability to cross the 200-hour SMA and daily S1 at 0.7527. 4H and daily technical studies, in turn, suggest these lines will give the pair bullish impetus and it will return back into the pattern's boundaries.
© Dukascopy Bank SA
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