Breakout-pullback pattern on the NZDUSD

fxstrategist

Established member
591 16
The breakout-pullback pattern is formed when the price of an asset breaks a support or resistance level and the pulls back to the same zone to bounce in the opposite direction and continue with the original breakout. On the daily chart of the NZDUSD we can see that the price of the pair broke above the 200 day EMA at the 0.6700 level and reaches a high around the 0.6790 from where it retraces to the downside back to the 0.6700 level. If the pair bounces back up from the 0.6700 level, then the breakout-pullback pattern is formed.

 

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