GBP/NZD 1D Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending triangle formed over the last three months has led GBP/NZD to lose volatility to an extent that might imply that the pattern is mature enough to break over late September or early October. The bearish stance taken by the pair threatens to close below the weekly Pivot Point which could, in turn, imply that there will be no final wave to the upper trend-line, but an immediate break below 1.7744, the bottom trend-line of the triangle. This would induce a fall to 1.7722, 1.7703 or 1.7643 before a correction towards the broken trend-line. In case the rate does, however, execute the surge towards 1.8031, the upper trend-line of the triangle, 1.7959, the 20-period SMA could mess with the momentum on the way.
© Dukascopy Bank SA
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Tue, 27 Sep 2016 06:40:20 GMT

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