NZD/CAD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A gradual decline started at the beginning of August and since then the pair has retreated to as low as 0.8617, which is this year's low. This down-trend has helped to form a 406-bar long triangle pattern.
This has been a long-term pattern; however, now the pair is entering the triangle's apex. The break-out could be expected to either side; although, we believe that this year's low will be reached once again. The daily and weekly technical studies also give ‘sell' signals. And last but not least, a majority (55.73%) of the SWFX traders' have opened short positions on the pair. Thus, we think that it is more likelier to see a bearish break-out than a bullish one.
© Dukascopy Bank SA
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