NZD/USD time for a downside move?

So NZD/USD hasn’t been the best pair for trend traders lately.

This pair has mainly been sideways since December 2018 and many traders have stayed away from it since then. I feel there could be an opportunity here shortly, with the pair coming in to an interesting area that offers good risk to reward.

On the left we have the Daily chart, and as you can see the structure of this has created a nice symmetrical triangle pattern, with price now coming back in to the top of this structure. Using the lower timeframes we are seeing rejections from this level and the 4 hour has created a double top pattern showing signs that buyers are starting to struggle.

A more aggressive entry here will see a good risk to reward of 1:5 down to the pattern lows or you could be more conservative and wait for the break to the downside first before looking to take an entry. Whatever your preference, this is now becoming an attractive pair and definitely one to watch over the coming week.

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