NZD/USD Long Trade Triggered on Triangle Break
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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