GBP/NZD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD keeps filling space between two boundaries of the current triangle pattern, where it has been hovering since early December 2015. Current move implies a down-leg to 2.18 where the cross is awaited to meet the green up-trend and the first weekly support level—weekly S1. Normally currency pairs are unable to perfectly reach apexes of triangles, meaning probability of an upcoming break-out is quite high. More bearish momentum is being created by a cluster of many resistances in 100-pip area between 2.1980 and 2.2080. At the moment losses are estimated by strongly bearish weekly technical studies. Consolidation below 2.18 will expose 2.1550 (weekly S2; monthly S1) and January 2016 low at 2.1506.
© Dukascopy Bank SA
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