Baxia Markets
October 11, 2021

NZDUSD is making Ascending Triangle

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The downward trend had lasted more than three weeks, which was a solid and long-lasted one. However, the definite trend met the support level at the end of September. The first wave was a big one; then the coming ones were milder. These waves made up a pattern, which is called the ascending triangle. The pattern was coming to an end recently. The ascending triangle is considered a breakout signal. The price always breaks up after the ascending triangle pattern.




For now, the price line overlaps the Ichimoku cloud. The Ichimoku cloud is getting thicker and moving up. All of these signals mean that the price would break up soon. The stochastics and RSI both have been moving up; however, both of them have not touched the overbought line now. This would be a signal that the price still has room to move up, and the upward trend will last for a while.


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