GBP/NZD today completed the Clear Inverse Head and Shoulders chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the below-average Initial Trend (4 bars), higher Uniformity (6 bars) and near-maximum Clarity (8 bars).
Higher Clarity of this chart pattern reflects less choppy price action indicating wider agreement among the market participants regarding the latest price action of this currency pair. The pair is expected to rise further toward the Forecast Price 1.9859, which is also confirmed by Key Level Breakout shown on the second chart below.
As can be seen from the following Key Levels chart, the pair has also recently broken the horizontal Key Resistance Level 1.9749 running nearly parallel to the neckline of the above Inverse Head and Shoulders chart pattern. Two Breakouts pointing in one direction heighten the likelihood that GBP/NZD will continue to rise in the nearest time.
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GBP/NZD Completes Clear Inverse Head And Shoulders Pattern
Published 10/17/2012, 06:44 AM
Updated 03/09/2019, 08:30 AM
GBP/NZD Completes Clear Inverse Head And Shoulders Pattern
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