By: Dima Chernovolov

EUR/NZD continues to fall inside the clear Falling Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and significant Clarity (7 bars). EUR/NZD is expected to fall further inside this Falling Wedge – in line with the earlier downward reversal from the resistance zone shown below.

10032018dailyfximage1

As can be seen from the daily EUR/NZD chart below, the price earlier reversed down from the resistance zone lying between the key resistance level 1.7080 (upper boundary of the sideways price range inside which the pair has been trading from December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from November. The proximity of this resistance zone increase the probability EUR/NZD will continue to fall inside this chart pattern.

10032018dailyfximage2

 

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

1 Likes
2192 Views

You may also like

Leave A Comment

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