EUR/NZD has recently completed the high Clarity Descending Triangle chart pattern identified by Autochartist on the hourly charts. The overall quality of this chart pattern is rated at the 7 bar level, which reflects the following values of the individual contributing Quality indicators: high Initial Trend (measured at the 8 bar level), below average Uniformity (4 bars) and near maximum Clarity (9 bars). This chart pattern continues the prevailing downtrend that can be seen on the daily and the weekly EUR/NZD charts. More specifically, it continues the sharp preceding down impulse (whose strength is reflected by the high Initial Trend value) from the resistance area lying at the intersection of the longer-term daily down trendline and the round price level 1.7500 (as is shown on the second chart below). All of the connecting points of the lower support trendline of this chart pattern (points D, E and F on the chart below) formed when the pair reversed up from the support at 1.7200. The pair has recently broken through the lower support trendline of this Descending Triangle (and the support at 1.7200) and is expected to fall further in the direction of the Forecast Area set between price levels 1.7051 and 1.7124.
The following daily EUR/NZD chart shows the aforementioned technical price levels:
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Daily Forex Update: EUR/NZD
Published 11/01/2011, 07:02 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/NZD
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