NZD/USD Symmetrical Triangle

Discussion in 'Forex Trading' started by DannyBly1, Jul 7, 2008.

  1. Looking at the daily NZD/USD we can see pressure building along the lower trend line of the symmetrical triangle -beneath we have support at the double bottom in the 0.7369 area - adding to the bear case we are trading below the 200 period SMA and selling momentum is strong as reflected in RSI.

    [​IMG]
     
  2. Agree with TA also supported by FA. NZ economy appears to be in recession can't see current interest rates remaining high for much longer. Q1 GDP -0.3% and no rate cut.
     
  3. That is 100% not a symmetrical triangle! There is too much white-space. On their own those are good S/R lines, but they do not form a triangle.

    Check out: Encyclopedia Of Chart Patterns by Bulkowski.
     
  4. wanna see a good symmetrical triangle?..put uj up on a 1hr