NZD/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been trading in a rather narrow range for quite some time now. And it seems it has been gradually narrowing it, thus the Triangle formation. Pattern's support and resistance are set to intersect on 14th of July, 17:00 GMT at 0.7722. Technical indicators suggest that the pair still has the propensity to breach the pattern's resistance in the short term. However, the longer term technical suggest that pair should start depreciating (rebound from the pattern's resistance). In addition, we should pay attention to the fact that quite a few technical indicators give neutral readings suggesting it should continue trading sideways.

© Dukascopy Bank SA
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