NZDUSD - Triangle Breakout Strategy
NzdUsd currently trading in an Ascending channel, which has bearish implications. NzdUsd also formed a triangle, also called a rising wedge.
The trend line that extends from the July 25th low just failed with the latest 4-hour close. This puts the NZDUSD one step closer to breaking down from the thirteen-month rally, which is ultimately corrective when taking into account the last two years of losses.
Today’s breakdown in trend means that the 0.7300 area is likely to attract offers going forward. The next support level remains 0.7200, which is no doubt a substantial area with huge implications for the pair. A break below that level would expose the key support 0.6980 (Ascending channel support and measured target )
Pending order on a retest of broken triangle: Sell NzdUsd @ 0.7290, stop loss 0.7365 and target 0.6980
The trend line that extends from the July 25th low just failed with the latest 4-hour close. This puts the NZDUSD one step closer to breaking down from the thirteen-month rally, which is ultimately corrective when taking into account the last two years of losses.
Today’s breakdown in trend means that the 0.7300 area is likely to attract offers going forward. The next support level remains 0.7200, which is no doubt a substantial area with huge implications for the pair. A break below that level would expose the key support 0.6980 (Ascending channel support and measured target )
Pending order on a retest of broken triangle: Sell NzdUsd @ 0.7290, stop loss 0.7365 and target 0.6980
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