AUD/NZD Triangle Pattern

Good morning traders,

AUD/NZD is forming a clear triangle on the daily chart:

AUD/NZD Daily:

Click on chart to see a larger view.

I’ve drawn the two intersecting trend lines by connecting the first two points on each, but you could widen it if you like.

To me, this simply highlights the subjective nature of trend lines and shows that breakouts are never going to be fully trustworthy.

AUD/NZD Hourly:

Click on chart to see a larger view.

I actually really like the hourly chart, for the fact that this daily level has been so well respected.

With today’s AUD retail sales beat, the Aussie is starting to rip higher so it will be interesting to see how price reacts to the level once it is tested once more.

Enjoy your weekend and as always…

Best of probabilities to you!

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Source: Vantage FX Blog