Though the Kiwi Dollar has been in a free fall during the last part of 2008 and the beginning of 2009, a sloppy choppy range has been its pattern up until now.
The daily down trend line and a weak uptrend line are converging to form a Triangle chart pattern. In Technical Analysis, Triangles usually are followed by either strong upside of strong downside breakouts. Rising MACD indicates the probability of an upside breakout. However, waiting for a closed full bodied candle above .5211 or below .4979 would be our long or short trigger. While other pairs have broken out of their Triangles, NZDUSD has been a laggard.
