EUR/NZD recently broke down through the support trendline of the Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the strong Initial Trend (7 bars), higher Uniformity (8 bars) and above-average Clarity (6 bars).
The completion of this Triangle continues the prevailing downtrend that can be seen on the daily and the weekly EUR/NZD charts. The price has previously reversed sharply down (at B) when it failed to break up above the strong resistance zone made out of the 50% Fibonacci Retracement of the preceding daily downward price impulse from May and the daily upper Bollinger Band.
The sharp downward impulse from this resistance zone led to the formation of the strong Japanese Candlestick reversal pattern – daily Evening Doji Star. The subsequent downward price thrust broke the support trendline of this Triangle. EUR/NZD is expected to fall further toward the Forecast Price 1.5230.
The following daily EUR/NZD chart shows the aforementioned resistance levels:
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EUR/NZD Expected To Fall To 1.5230
Published 12/10/2012, 05:37 AM
Updated 03/09/2019, 08:30 AM
EUR/NZD Expected To Fall To 1.5230
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