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.
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