Ascending Triangle on NZD/USD

Ascending Triangle on NZD/USD

There is an interesting technical pattern on the NZD/USD currency pair. The Ascending Triangle classic figure (timeframe D1) has been formed in the trading instrument. At the moment, the NZD/USD quotes have been declining. The kiwi is under pressure after the RBNZ meeting. The regulator said that it was ready to consider the issue of lowering interest rates. The key range is 0.67500-0.69250. In the medium term, we recommend trading from these marks.

If the price fixes below the support level of 0.67500, a further drop in the NZD/USD quotes is expected. The immediate goal for profit taking is the mark of 0.66500. When tracking a position, we recommend using a trailing stop.

Alternative option. If the price fixes above the key resistance of 0.69250, you need to look for entry points to the market to open long positions. The movement is tending to 0.70400-0.71000.

by JustForex 2019.03.27

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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