Bullish GBPNZD - 05 May 2024 - Technical Analysis

EURUSD Forex

GBPNZD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 5 Min time frame chart supports GBPNZD Bullish bias. A break of 2.08720 will support the rise towards the target of 2.08810 the break of 2.08810 would push the price to 2.08870.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 2.069
Support S1: 2.0678, S2: 2.067 , S3: 2.0658
Resistance R1: 2.0698 , R2: 2.071 , R3: 2.0718

Summary

Instrument :

GBPNZD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

50%

Entry Level :

2.08720

Activation Time :

2024-05-03 20:50

Age :

2 Bars

Progress :

Close Time :

2024-05-05 21:00

Time Frame :

5 Min

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

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.