By: Dima Chernovolov
NZD/USD recently broke up through the resistance trendline of the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 4 bar level as a result of the equally rated Initial Trend, Uniformity and Clarity. The completion of this Triangle continues the strong up trend visible on the daily and the weekly NZD/USD charts. Autochartist rates the strength of the Breakout at the maximum 10 bar level, which heightens the chances that NZD/USD will rise to the Forecast Price 0.8286 in the nearest time, as is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range for NZD/USD for tomorrow (from 0.8054 to 0.8151) stands above the broken resistance trendline of the above Triangle, which increases the likelihood of further gains for this currency pair.
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