GBP/NZD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/NZD has entered a symmetrical triangle pattern that has formed a flattish upper trend-line, causing it to take more of an ascending channel form. Both of the alternative patterns give out the same signals and are likely to the broken to the upside-most likely on the next few candles. We will look for tests of 1.7221 and then 1.7252 which are likely to cap the current movement, cause a retracement and then lead to a prominent rally, possibly towards monthly highs at 1.7956. There are several levels on the way that will steal some of the bullish momentum, but unlikely to cut the whole motion.
© Dukascopy Bank SA
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