NZD/CAD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As well as NZD/CHF cross NZD/CAD is trading in a limited range since September 17, when the pair hit pattern's resistance, and which is now the recent high. Ascending triangle is 173 bars long, however, it seems that it is moving to its apex and soon both trend lines will converge, while the trading range is narrowing rapidly. According to statistics, ascending triangles are breaking to upside in 70% of cases. Furthermore, volume tends downward, reinforcing a view breakout is approaching. The most likely scenario is that the pair will continue moving in pattern's boundaries until the time when trend lines converge, and then bulls will break through the resistance line.
© Dukascopy Bank SA
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