Hot Formation: NZDUSD Breaking Out of Triangle

Published October 13th, 2006 - 07:00 GMT
Al Bawaba
Al Bawaba

Current Price: .6560

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Long Kiwi contracts topped out recently and are declining from record levels.  This is suggestive of a topping out in sentiment.  The triangle that lasted for over 2 weeks has been broken to the downside.

A break below .6486 exposes .6342.  Price needs to remain below .6657 in order to keep the bearish structure intact.