NZDUSD Triangle

There's a nice triangle formation coming up in NZDUSD daily charts. Upper trendline has constrained price since Nov-2011 and down trendline has supported price since June-2012.  Down trendline has got 100MA & 200MA along with it. 

NZDUSD Daily

If price break lower trendline, then I will be going short right away. On a break of upper trendline, I will look for a break of previous highs for a long trade confirmation.





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NZDUSD Daily Triangle

Update on 12-Oct-12: Price still consolidating inside the triangle but has moved a little bit to the downside. Moving average 100MA, 200MA and lower trendline all come in that area. I am expecting this area to hold well. On a break move to downside should accelerate.