NZD/USD Peaking out of Triangle Pattern - Long Term Trading Signal - FX Leaders News

NZD/USD Peaking out of Triangle Pattern – Long Term Trading Signal

Posted Thursday, November 15, 2018 by
Arslan Butt • 1 min read

What’s up, traders?

As you know the dollar is trading bearish, following news that China passed a written response to US trade demand, and that the two nations reopened talks earlier this week to diffuse their trade disputes. In response, the NZD/USD has come out of the ascending triangle pattern which can be seen on the 2-hour chart.

  • The triangle pattern was providing a solid resistance to NZD/USD near $0.6795 which is now violated. The market is trading outside of the triangle which is a bullish sign for traders.
  • At the moment, the NZD/USD is trading at $0.6810 and it’s likely to stay supported above $0.6795. On the upper side, the resistance can be found at $0.6890.
  • The RSI and Stochastics are trading in the buying zone (above 50), signaling a buying sentiment of traders.
  • Lastly, the pair is trading above 20 and 50 periods EMA, which signifies a bullish trend of the pair.

NZD/USD – Swing Trade

We just opened a long-term forex trading signal on NZD/USD to go long above $0.6810 with a stop below $0.6775 and a take profit at $0.68795. I will be looking to move my stop loss at the breakeven point as soon as the market soars 50 pips.

Good luck!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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