Sell NZDUSD Triangle Breakout

The NZD/USD pair on the M30 timeframe presents a potential selling opportunity due to a downward breakout from a symmetrical triangle pattern.

Key Points:

Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging upper and lower trendlines. This pattern can indicate a period of consolidation before a breakout in either direction.

Sell Entry: Consider entering a short position around the current price of 0.6187, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels 0.6150 and 0.6130.

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 0.6215. This helps limit potential losses if the price reverses and breaks back upwards.

Thank you

Trade active:

Weaker Risk Sentiment: Global market sentiment seems to be turning cautious again, which could favor the US Dollar (USD) as a safe-haven asset and put downward pressure on NZD/USD.

Comment:

Trade closed: target reached: