In today’s trading sniper I would like to show you the power of triangle patterns and I will do it using less frequently covered currency pairs. Triangles, especially ascending and descending ones are super powerful formations, which can be a reliable and trustworthy friend of every technical trader.
The first instrument is the CAD/CHF, where we have a beautiful ascending triangle pattern. This is promoting a breakout to the upside and it is happening as we speak. Since today, the price couldn’t break the 0.693 resistance. The first day of September brings us an attack and in consequence a breakout which leads to a mid-term buy signal.
An example of how effective an ascending triangle can be is seen on the AUD/JPY chart, where the ascending triangle has been present since June. Last week, the price finally broke the 76.6 resistance, which brought us a legitimate buy signal. The sentiment here is definitely positive.
Triangles can work both ways, the two previous examples were of ascending triangles with a horizontal resistance and now I will show you the descending version of this pattern – with horizontal support. It can be spotted on the EUR/NOK, where the price is going lower since the end of March. A recent breakout of the lower line of the triangle gives us a proper sell signal. The sentiment here is negative.
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CAD/CHF: Triangle Pattern Promoting A Breakout To The Upside
Published 09/01/2020, 06:20 AM
Updated 01/03/2021, 09:10 AM
CAD/CHF: Triangle Pattern Promoting A Breakout To The Upside
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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