AUD/NZD Continues To Fall Inside Clear Triangle Pattern
AutoChartist | Nov 22, 2016 04:11AM ET
AUD/NZD continues to fall inside the clear triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this triangle at the 5 bar level – which reflects the below-average initial trend (4 bars), average uniformity (5 bars) and substantial clarity (7 bars). AUD/NZD is expected to fall further toward the lower support trendline of this triangle.
As can be seen from the daily AUD/NZD below, the top of this triangle formed when the pair reversed down from the resistance area lying between the long-term resistance level 1.07400 (which also reversed the pair in July and August), upper daily Bollinger Band® and 50% Fibonacci correction of the downward impulse from April. The proximity of this resistance zone increases the probability AUD/NZD will continue to fall inside this triangle.
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