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NZD/USD: triangle forming
2020-10-14 • Updated
On the H1 chart of NZD/USD, you will see the resistance of 0.6670 that has never been breached since October 9. It will, eventually, and the question is when.
The higher lows from the last two days suggest that the bullish pressure is increasing from the downside and may finally erupt in the coming days. Take October 12 as the beginning of the triangle’s side and drag it forward until it converges with the upper side at 0.6670 like in the chart. The convergence point appears to be on October 15 – meaning, on Thursday. That suggests that before breaking the resistance, the pair will make another wave down to make another higher low above the 50-MA, and after that will aim to break the roof at 0.6670.
By the way, here is a video on trading triangles - enjoy!
In a call scheduled for January 25, 00:30 am GMT+2, the Tesla Inc. team will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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