EUR/NZD continues to decline after the recent completion of the high quality Up Channel chart pattern we identified on the daily charts. The overall quality of this chart pattern is rated at the 8 bar level as a result of the above-average Initial Trend (measured at the 6-bar level), near-maximum Uniformity (9 bars) and high clarity (8 bars).
This chart pattern continues the strong predominant downtrend visible on the daily and the weekly EUR/NZD charts. The top of this chart pattern (point B on the chart below) formed when the pair reversed down from the previous strong support and now resistance 1.6400. The higher uniformity and clarity increase the visibility of this chart pattern to market participants, and heighten the likelihood of the follow-through selling of this currency in the coming sessions. The pair is expected to fall further in the direction of the forecast price, 1.5854.
The following weekly EUR/NZD shows the longer-term picture of this currency pair’s movement:
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EUR/NZD Daily Forex Update: April 9, 2012
Published 04/09/2012, 05:05 AM
Updated 03/09/2019, 08:30 AM
EUR/NZD Daily Forex Update: April 9, 2012
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