NZD/USD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been mostly in the up-trend since it dropped to a six-month low against its U.S. peer early February. One of the bullish formations shaped by the pair is an ascending triangle pattern that was started on February 26 and was breached two days earlier, on March 3. Despite the fact the breakout has already occurred, traders still have a great opportunity to profit from the pair's moves as NZD/USD has not performed any large swings usually observable after the breakout. Now the currency couple is tilted upwards; however, market sentiment belies the bullish outlook, showing that over 70% of traders are bearish on the pair.
© Dukascopy Bank SA
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