The Pennant on NZDUSD is getting to critical mass

[Chin]

Hey guys:

Take a look at the pennant on the NZDUSD. It is coming to a pin point and will reach critical mass in short order.

How many of you are planning to take the break out ride to the up side? How many of you have already put in your entry orders?

Are you going to do it? Let's talk about it.

chin.

[FAHAD_FX]

Hi,

In what price you will go short.

[novice]

IMHO most patterns in a small currency like NZD/USD are going to mean little. NZD/USD is IMHO going to follow larger cross rates like EUR/USD up and down to either a greater or lesser extent regardless of chart patterns.

[Iris]

Nzd/Usd...............

How many of you are planning to take the break out ride to the up side? How many of you have already put in your entry orders?

Time/Price for the Nzd/Usd is forming a Long Term Double Top with the prior peak back at the 7150 basis in 1996 to Nov 23rd's 7149 High...The NT61.8 TimePhib has North containment at 7159...

Look South to 382Fib>6850<>50Fib>6780 basis.

[Chin]

As I am writing this, it has been a few days since I wrote aobut the pennant.

The pair did break out of the pennant and hit a high of 1.7204. If an entry order had been set at 1.7062, (12 about the pennant's resistance), may have gotten 30-40 or so pips. Since this is a pretty small amount of pips, I do agree with the other guy who says it is not worth pursueing.


I do also agree that it is was coming against some very long term resistance (I think I remember seeing a 1997 or 1996 high of 1.7150 or so.) But then again, now we have broken the 1.7150 high set in 1997. We are currently, as we speak (11-26-2004 0814 EST) sitting on that support of 1.750. Ie the 1.7150 resistance from 1997 has become a support.

The pair is currently bidding @ 1.7154 (It is sitting perfectly on that old resistance--which is now its support). Let's see if it tests that support with some double bottoms, which would be a bullish sign.

chin.

What do you guys think?