By: Dima Chernovolov
EUR/NZD continues to decline after the earlier breakout of the high-quality Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this Triangle at the 8 bar level – which reflects the sharp Initial Trend (9 bars), high Uniformity (9 bars) and significant Clarity (8 bars). Higher Uniformity signals the even distribution of the connecting pivots on which this Triangle is based. EUR/NZD is likely to fall to the forecast price 1.5008.
As can be seen from PowerStats chart below – the lower boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.4917) stands well below the forecast price calculated for the breakout of the above Triangle (1.5008) – which adds to the probability EUR/NZD will soon reach this target.
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