Bullish NZDUSD - 18 August 2022 - Technical Analysis

EURUSD Forex

NZDUSD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports NZDUSD Bullish bias. A break of 0.63762 will support the rise towards the target of 0.65175 the break of 0.65175 would push the price to 0.66117.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 0.59553
Support S1: 0.59536, S2: 0.59513 , S3: 0.59496
Resistance R1: 0.59576 , R2: 0.59593 , R3: 0.59616

Summary

Instrument :

NZDUSD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

55%

Entry Level :

0.63762

Activation Time :

2022-08-10 13:00

Age :

225 Bars

Progress :

61%

Close Time :

2022-08-18 21:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.