Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD recently broke the uniform Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Triangle at the 5-bar level – which reflects the sharp Initial Trend (8 bars), above-average Uniformity (6 bars) and lower Clarity (2 bars). NZD/USD is expected to fall further toward the forecast price 0.7100.

As can be seen from the daily NZD/USD chart below, the breakout of this Triangle was followed by the recent breakout of the support area lying between the key support level 0.7170 and the 38.2% Fibonacci correction of the upward impulse from December. This price zone is acting as resistance area after it was broken. The proximity of this resistance area increases the probability NZD/USD will continue to fall toward the forecast price 0.7100.

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