NZD/USD Is Forming a Triangle

Usually my analysis is based on candlestick patterns and levels of support and resistance coinciding with the (MA) indicator, sometimes even I notice when the currency pair I am analyzing is forming such an obvious figure – namely the clear symmetrical triangle that the NZD/USD pair is forming on the four-hour time-frame. While NZD/USD has also formed several shooting star candlesticks, both on the daily and the aforementioned four-hour time-frame, the further development of this pair largely depends on what direction there will be a breakout above or below the triangle. A breakout below the triangle will likely lead to a further move to the downside at least until the pair reaches the (MA)89 indicator on the same four-hour time-frame, which is at 0.8185. A breakout above the triangle, in turn, will probably mean a rally towards the last high at 0.7318.