albert.callisto
Short

AUDNZD - Sell the breakout

FX:AUDNZD   Australian Dollar/New Zealand Dollar
80 0 6
Pair is evolving in a quasi-symmetrical triangle. The price had entered in the shape from a downtrend, so probabilities for a continuation breakout towards the lows are favorable for short trades. Three targets defined by height of the oscillations. In case of a breakout, the green one has the highest probabilty of being reached, then orange, then red.

Note the grey support at 1.00, this is a high psychological level that would be tested in case of the "orange" breakout scenario. The optimistic "red" sell scenario would need to break this strong line, not at easy task.

Read of the day: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation

Look at related idea by SergeantPringles, it points out other structures within the triangle.
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