NZD/USD Continues To Rise After Recent Triangle Pattern Breakout
AutoChartist | Dec 08, 2016 04:09AM ET
NZD/USD continues to rise after the recent breakout of the triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this triangle at the 4 bar level – which reflects the below-average initial trend (4 bars), higher uniformity (6 bars), and medium clarity (5 bars). NZD/USD is expected to rise toward the forecast price 0.7179 in the nearest time.
As can be seen from the daily NZD/USD chart below, the breakout of this triangle follows the earlier sharp upward reversal from the support zone lying between the long-term support level 0.6970 (which has been reversing the pair from June), lower daily Bollinger Band® and the 61.8% Fibonacci correction of the previous sharp upward price impulse from May.
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