EUR/NZD: Breakout could be imminent, UP or DOWN??
See comments in the chart.
PA breached the symmetric triangle to the upside but was stopped by the upper boundary of a possible bullish ascending triangle and is now retesting the upper symmetric triangle boundary.
It is difficult to predict the direction at this stage so I am currently only considering trading this pair after I see a confirmed breakout, either up or down.
Three S/R- or trendlines are in play, the question is which will have the biggest influence. The shorter timeframe trendline might give some temporary support, but is still "young", as might the 100MA.
I am currently neutral with a bullish bias based on the ascending triangle, broken symmetric triangle and "up" channel (more "up" than "down" signs if you ask me).
There is some bearish divergence that might be developing on the MACD though...
PA breached the symmetric triangle to the upside but was stopped by the upper boundary of a possible bullish ascending triangle and is now retesting the upper symmetric triangle boundary.
It is difficult to predict the direction at this stage so I am currently only considering trading this pair after I see a confirmed breakout, either up or down.
Three S/R- or trendlines are in play, the question is which will have the biggest influence. The shorter timeframe trendline might give some temporary support, but is still "young", as might the 100MA.
I am currently neutral with a bullish bias based on the ascending triangle, broken symmetric triangle and "up" channel (more "up" than "down" signs if you ask me).
There is some bearish divergence that might be developing on the MACD though...
