Baxia Markets
October 21, 2021

NZDUSD: meets resistance after breaking out triangle

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The price built an ascending triangle that started Sep 29. The triangle lasted two weeks and ended on Oct 13. The price broke up as we expected for the ascending triangle. The price moved in a steep slope after breakout; this slope was consistent and lasted eight days, which was a long and stable trend. However, recently, the price seemed to meet resistance.




The price already turned down, which means the resistance power already showed up. Also, as can be seen, the Bollinger Bands turned down. MACD just made a bearish cross recently; I believe this trend can last for a while. Although Stochastics showed oversold, the situation could last. The oversold condition could last for a while. Now, the price has already touched the 23.6% level Fibonacci. Let’s wait to see if the price breaks this level.


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