NZD/CAD recently broke the Uniform Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this Triangle is rated at the 5 bar level as a result of the below average Initial Trend and Clarity (both rated at the 4 bar level) and near maximum Uniformity (8 bars). The completion of this Triangle continues the prevailing uptrend visible on the daily and the weekly NZD/CAD charts. The high Uniformity of this Triangle reflects the even distribution of the connecting points on which the upper and the lower trendlines of this Triangle are built. The bottom of this chart pattern (point C below) formed when the pair reversed up from the 50% Fibonacci Correction of the preceding weekly upward price impulse from March of 2011 standing close to the cluster of the former weekly resistance trendlines – all acting as support now after having been broken by the aforementioned upward price impulse from 2011. The pair is expected to rise further toward the Forecast Price 0.8382.
The monthly NZD/CAD chart below show the longer-term picture of this currency pair’s movement:
NZD/CAD" title="NZD/CAD" width="591" height="594">
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Daily Forex Update: NZD/CAD
Published 10/01/2012, 03:44 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: NZD/CAD
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