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NZD/USD Long Trade Triggered on Triangle Break

By , Currency Strategist
15 February 2013 09:30 GMT

NZD/USD Technical Strategy: Long at 0.8509, Targeting 0.8571

Prices completed a bullish Ascending Triangle chart pattern with a break above resistance in the 0.8460-75 area. We will now enter long, initially targeting the August 31 2011 high at 0.8571 with a stop-loss set on a daily close below 0.8460. A breach above 0.8571 on a daily closing basis will prompt a revision of the stop-loss to breakeven mark and expose a larger objective at 0.8788, the measured Triangle target and 2011 closing high.

Forex_Analysis_NZDUSD_Long_Trade_Triggered_on_Triangle_Break_body_Picture_5.png, NZD/USD Long Trade Triggered on Triangle Break

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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15 February 2013 09:30 GMT