EUR/NZD Continues To Fall
AutoChartist | Jun 23, 2016 04:45AM ET
EUR/NZD continues to fall inside the 15-minute Descending Triangle chart pattern, which was recently identified by Autochartist. The Quality of this chart pattern is rated by Autochartist at the 6-bar level – which reflects the low Initial Trend (2 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). The price is likely to fall further inside this Descending Triangle – in line with the sharp downtrend, that can be seen on the daily EUR/NZD chart below.
As you can see from the daily EUR/NZD chart below, the price earlier broke through the major long-term support level 1.5840 (which reversed earlier waves (1), B and (i) in December and also earlier this month) – which adds to the probability EUR/NZD will continue to fall inside this Descending Triangle. Strong resistance now stands at 1.5840.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.