AUD/NZD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has formed a short descending triangle pattern on October 14, which is likely to be completed soon. Both trend lines will converge on Friday, hence there would be only a couple of candles before the breakout, which can occur in any direction. However, statistics shows that in 64% of cases the pair performs a downside breakout. This idea is supported by aggregate indicators on a 4H chart, while in a longer period a movement to the north is expected. Despite statistics, bulls made an attempt to break the upper trend line, and the fact 71% of traders are holding long positions is reinforcing a case, bulls will break through 1.1336 and try to reach 1.1385.
© Dukascopy Bank SA
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