Daily Forex Update: EUR/NZD

By: Dima Chernovolov

EUR/NZD continues to fall inside the 15-minute Descending Triangle chart pattern, which was recently identified by Autochartist. The Quality of this chart pattern is rated by Autochartist at the 6-bar level – which reflects the low Initial Trend (2 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). The price is likely to fall further inside this Descending Triangle – in line with the sharp downtrend, that can be seen on the daily EUR/NZD chart below.

22062016dailyfximage1

As you can see from the daily EUR/NZD chart below, the price earlier broke through the major long-term support level  1.5840 (which reversed earlier waves (1), B and (i) in December and also earlier this month) – which adds to the probability EUR/NZD will continue to fall inside this Descending Triangle. Strong resistance now stands at 1.5840.

22062016dailyfximage2b

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