By: Dima Chernovolov
Autochartist has recently identified the Clear Pennant chart pattern on the 4-hour AUD/NZD charts. The overall Quality of this Pennant is rated at the 7 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), below average Uniformity (4 bars) and substantial Clarity (8 bars). This chart pattern continues the prevailing uptrend that can be seen on the weekly AUD/NZD charts. More specifically, this Pennant follows the preceding sharp daily upward price impulse (whose strength is reflected by the maximum Initial Trend value of this Pennant) which recently broke the resistance trendline of the weekly Triangle from the July of 2010 (as is shown on the second chart below). The pair is expected to rise further in the coming sessions.
The weekly AUD/NZD chart below shows the technical price levels mentioned above:
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