EUR/NZD continues to fall inside the Clear Up Channel chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the following values of the individual contributing Quality indicators: 6-bar Initial Trend, 5-bar Uniformity and 6-bar Clarity.
This chart pattern continues the prevailing downtrend visible on the daily and the weekly EUR/NZD charts. The top of this Up Channel formed when the price reversed down from the strong resistance at 1.6300 (former strong support which had previously stopped the sharp downtrend in August of last year, acting as resistance now after having been broken at the start of 2012). The pair is expected to fall further toward the lower support trendline of this chart pattern.
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