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Ascending Triangle Offers Continuation Trade AUD/NZD

The current AUD/NZD uptrend is traced back to June 26. It was interrupted by just one significant consolidation before — back in late July. The current ascending triangle on the 4-hour timeframe is a classic example of such patterns with a horizontal resistance level and a well-confirmed support line.

The triangle is delimited with the yellow lines on the image below. The cyan line marks my potential entry point and is positioned at 10% of the triangle’s height (at base) above the upper border. The green line is placed at 100% of the same distance and will serve as my take-profit level. My stop-loss will be set to the low of the breakout candle or to the low of the preceding one if the breakout candle is trading mostly outside the border. I will ignore downward breakouts from this triangle as it should be a continuation pattern. You can click on the image below to see a full-size screenshot of the chart:

AUD/NZD - Ascending Triangle Pattern on 4-Hour Chart as of 2017-09-10

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/NZD pattern. You can trade it using my free Chart Pattern Helper EA.

If you have any questions or comments regarding this ascending triangle on AUD/NZD chart, please feel free to submit them via the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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Following a failed descending triangle formation, the pound is now clearly trying to reverse its long-term trend versus the Canadian dollar. The impending switch to an uptrend is signaled by the double bottom pattern on the weekly timeframe.

You can see the bottoms and the neckline marked by the yellow lines on the chart below. The cyan …

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