By: Dima Chernovolov
EUR/NZD recently broke the hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 6-bar level – which reflects the slow Initial Trend (4 bars), strong Uniformity (8 bars) and maximum Clarity (10 bars). EUR/NZD is expected to rise toward the forecast price 1.6758 – in line with the earlier upward reversal form the major support level shown below.
As can be seen from the weekly EUR/NZD chart below, the pair recently reversed up from the major, long-term support level 1.6570 (which has been reversing the price from January). The proximity of this support level 1.6570, lower weekly Bollinger Band and the oversold reading on the weekly Stochastic indicator increase the probability EUR/NZD will continue to rise toward the forecast price 1.6758.
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