By: Dima Chernovolov
EUR/NZD continues to fall inside the 15-minute Descending Triangle chart pattern, which was recently identified by Autochartist. The Quality of this chart pattern is rated by Autochartist at the 6-bar level – which reflects the low Initial Trend (2 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). The price is likely to fall further inside this Descending Triangle – in line with the sharp downtrend, that can be seen on the daily EUR/NZD chart below.
As you can see from the daily EUR/NZD chart below, the price earlier broke through the major long-term support level 1.5840 (which reversed earlier waves (1), B and (i) in December and also earlier this month) – which adds to the probability EUR/NZD will continue to fall inside this Descending Triangle. Strong resistance now stands at 1.5840.
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