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