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  4. NZD/USD Ascending flat top triangle

NZD/USD Ascending flat top triangle

August 19, 2016 14:13

The NZDUSD has been contained within the Ascending flat top triangle and in the case it breaks the top with a strong 1h momentum or 4h close above 0.7323 we should see 0.7420. Looking at daily chart we can spot an unconfirmed master candle (marked in green) that could give us an additional confirmation for a breakout. POC comes within 0.7225-0.7240. It is a confluence of (61.8, H3 WPP, lower trend line, historical buyers).

...if the price retraced to the zone, another bounce would be expected unless...

…0.7198 breaks to the downside where we could see a breakout towards 0.7140.

That will be the sign of a Friday profit taking.

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