thedailychartist

NZDUSD about to speak its mind soon? Continuation or Reversal?

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Current pattern resembles a spike and ledge consolidation pattern which can go either direction. I lean towards using it for reversal trades but it can also be a continuation pattern. What's interesting here is that the ledge structure is an ascending triangle . If this is confusing other traders like it is confusing me, we might see more trading range price action going forward. Today's false intra-day breakout above .7240 seems to be evidence of this.

I am forcing myself to be neutral but I do favor a break lower for a potential major trend reversal.

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