EUR/NZD continues to fall after the recent reversal from the upper resistance trendline of the daily Up Channel chart pattern identified by Autochartist, as you can see from the following trade opportunity alert that I received recently for this currency pair. EUR/NZD is expected to fall to the target level 1.5252 in the next 7 trading days. Autochartist set the stop-loss at the close price level 1.6043 (point B, the top of this Up Channel). Point B formed recently when the pair reversed down from the resistance area lying at intersection of the round resistance level 1.6000 and two longer-term resistance trendlines – one is the resistance trendline of the weekly Triangle from May of 2012, the other is the former upward support trendline from August of the same year (as you can see from the second chart below).
EUR/NZD" title="EUR/NZD" width="600" height="372">
The following daily EUR/NZD chart shows the aforementioned resistance levels intersecting near the top of this Up Channel:
EUR/NZD 2" title="EUR/NZD 2" width="600" height="372">