By: Dima Chernovolov
EUR/NZD continues to rise sharply after the recent breakout of the well-formed Falling Wedge chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this Falling Wedge at the 8 bar level – which reflects the significant Initial Trend (7 bars) and substantial Uniformity and Clarity (both rated at the 8 bar level). EUR/NZD is expected to rise to the forecast price 1.5376 – which 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 calculated by Autochartist for this currency pair (from 1.5031 to 1.5224) stands above the broken resistance trendline of this Falling Wedge – which adds to the probability EUR/NZD will continue to rise toward the forecast price 1.5376 tomorrow.
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