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Unraveling The Technicals On EUR/NZD

Published 08/30/2016, 07:30 AM
Updated 07/09/2023, 06:31 AM

EUR/NZD Daily Chart

EUR/NZD Daily

The rate presents a very interesting technical set-up.

After breaking the year-and-a-half long symmetrical triangle with a breakaway gap and hitting the 61.8% breakout target, the rate has been consolidating in another smaller triangle.

I am currently flat and will be looking to enter on a breakout on either side.

For a downside continuation I am waiting for a break below the triangle support and the former 61.8% target at 1.5290. In such a case I will be targeting the 100% breakout target from the larger triangle, which also coincides with the 61.8% target from the current smaller triangle around 1.4700 and the 100% breakout target from the smaller triangle at 1.4310.

For a bullish position I am looking for a break above the triangle resistance and August highs at 1.5640. In such a case the immediate attention should be turned to the 61.8% breakout target at 1.6130.


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