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NZDUSD Triangle Pattern Suggests Bearish Thrust

NZDUSD Triangle Pattern Suggests Bearish Thrust

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Triangle Pattern Suggests Bearish Thrust

Prepared by Jamie Saettele, CMT

The current NZDUSD pattern may offer the most information regarding the sell-off in ‘risk’ and how far it is likely to extend, at least over the next week or so. Sideways trade since 3/15 composes a triangle. Triangles are valuable tidbits of information in that their presence typically foreshadows a move in the same direction of the move that preceded the triangle (in this case down) BEFORE a reversal. Thus, look lower towards 7980 (former resistance) and 7880 (former resistance). 8160/90 is resistance.

Bottom Line (next 5 days) – lower

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