Daily Forex Update: NZD/USD
AutoChartist | Nov 29, 2013 01:55AM ET
NZD/USD recently broke the “neckline” of the Head and Shoulders chart pattern that was earlier identified by Autochartist on the daily charts – as you can see from the following trade opportunity alert for this currency pair. NZD/USD is expected to fall to the target level 0.8073 in the next 2 trading days. The stop-level for this forecast is set by Autochartist at 0.8416 (the top of the right “shoulder” of this chart pattern). The daily downward-sloping moving average as well as the Volatility Analysis shown on the second chart below – both confirm this forecast.
As you can see from the following Volatility Analysis chart for NZD/USD, the lower border of the daily Expected Price Range calculated for this currency pair (0.8061) stands below the target level given in the above trade opportunity alert (0.8073) – which increases the probability the pair will continue to fall toward 0.8073 tomorrow.
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