Sell NZDUSD Triangle Breakout
Updated
The NZD/USD pair on the M30 timeframe presents a potential selling opportunity due to a downward breakout from a symmetrical triangle pattern.
Key Points:
Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging upper and lower trendlines. This pattern can indicate a period of consolidation before a breakout in either direction.
Sell Entry: Consider entering a short position around the current price of 0.6187, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels 0.6150 and 0.6130.
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 0.6215. This helps limit potential losses if the price reverses and breaks back upwards.
Thank you
Key Points:
Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging upper and lower trendlines. This pattern can indicate a period of consolidation before a breakout in either direction.
Sell Entry: Consider entering a short position around the current price of 0.6187, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels 0.6150 and 0.6130.
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 0.6215. This helps limit potential losses if the price reverses and breaks back upwards.
Thank you
Trade active
Weaker Risk Sentiment: Global market sentiment seems to be turning cautious again, which could favor the US Dollar (USD) as a safe-haven asset and put downward pressure on NZD/USD.Note
Trade closed: target reached
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