By: Dima Chernovolov

AUD/NZD recently broke the 15-minute Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which reflects the above-average Initial Trend (6 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). AUD/NZD is expected to continue to rise in the direction of the forecast price 1.0606 – in line with the earlier sharp upward reversal from the major support zone shown below.

As can be seen from the weekly AUD/NZD below, the pair recently reversed up sharply with the weekly Japanese candlesticks reversal pattern Hammer from the major support zone lying between the multi-month support levels 1.0500 and 1.0300 – strengthened by the lower weekly Bollinger Band. The proximity of this support area increases the probability AUD/NZD will continue to rise toward the forecast price 1.0606.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

 

0 Likes
1422 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.