NZD/JPY 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The September downtrend added a second trend-line to form a symmetrical triangle, suggesting that when the correction ends, bears are likely to extend their dominance with a dash through various levels of significance, ultimately coming to a close below 73.48. With major demand areas at 76.63/67 and 73.45/53, NZD/JPY is likely to get stuck somewhere on the way, suggesting that more consolidation might be needed. While strong bullish signals are given out by the golden cross formation, the major downtrend is likely to limit gains at 73.87 if the pair attempts to climb as high. A slightly downward sloped consolidation is affirmed by the sentiment resting almost in equilibrium with a light bearish bias.
© Dukascopy Bank SA
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