USD/SEK 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare descending triangle pattern was formed on 4H chart in the beginning of July, and it seems that the pattern is moving closer to its apex, as both trend lines will converge on August 29. Even though technical indicators are sending mixed signals, not less than in two weeks we will see a breakout, which will mean significant moves and therefore high returns. At the moment, 71% of opened positions are long, meaning that short term outlook is bullish. Moreover, upbeat data from the U.S., showing inflation and unemployment, are likely to push higher, therefore, a retest of the resistance line is expected.
© Dukascopy Bank SA
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