The price has been making waves for five months. For a long time, we cannot catch a long-term trend on NZDUSD. However, the waves ranging down recently. The waves are getting closer and shorter than before. What is going on here?
The price is going down and struggle at around 0.694; it is making a descending triangle. A descending triangle is no doubt a bearish signal. Once the pattern finished plotting, it breaks down. Will the price move as we expect?
The Bollinger Bands already started to shrink; the price brokes a little on the bottom band, which means the price is testing downward; it is trying to breakout down. The moving average lines are twist here; there is no clear trend for price now. Standard deviation moves low because the price is struggling around 0.694; the movement was comparatively restricted. However, the Average True Range goes up; the length of a single candle is getting large.
According to the signals above, the price is now about to finish the descending triangle. And the price is at the bottom of the Bollinger Bands; it is about to break down.
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