NZD/USD 4 Hour: Moving inside a triangle
Suggested positioning: Short positions below 0.75 with targets at 0.74 and 0.73 in extension
Technical reasons why: The pair is moving inside a triangle while testing the Ichimoku cloud. The RSI is heading down towards the neutrality area. So far the pair hasn’t been able to break above the Ichimoku cloud and a break below the triangle could open doors for more drops
Alternative Scenario: Above 0.76 look for more up moves towards 0.768.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.74 | 0.75 | 0.768 |
| 0.73 | 0.76 | 0.78 |
