EUR/NZD continues to decline within the Triangle chart pattern identified by Autochartist on the 240-minute charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the strong Initial Trend (rated at the near maximum 9 bar level), low Uniformity (3 bars) and above average Clarity (6 bars). This chart pattern develops in line with the prevailing long-term downtrend visible on the daily and the weekly EUR/NZD charts. More specifically, this Triangle follows the sharp preceding downward price impulse (whose strength is reflected by the high Initial Trend value) from the 50% Fibonacci Retracement of the previous downward price impulse (shown on the third chart below) as well as the daily Key Levels resistance level 1.7913. The pair is expected to fall further in the nearest time.
As can be seen from the following daily Key Levels chart for EUR/NZD, the pair has recently reversed from the horizontal level of resistance 1.7913, identified previously by Autochartist.
The following daily EUR/NZD chart shows the technical price levels mentioned above:
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Daily Forex Update: EUR/NZD
Published 12/16/2011, 07:15 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/NZD
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