The NZDUSD has experienced a bullish breakout from the pennant pattern, surpassing resistance levels. The target is set at 0.6243.
The trading setup was spotted in the NZDUSD market. The NZDUSD price has pierced the resistance line of a Pennant pattern as of 12AM, February 12, 2024. We anticipate a potential bullish price movement over the next 6 days, aiming for 0.6243.
The pattern’s visual clarity is exceptional. It has a strong uniformity rating, suggesting cyclical price movements throughout the pattern’s development. The price’s initial trend before this trading setup was established is notably robust. The trading setup is distinct, with minimal disturbance during the price oscillations between support and resistance levels. The breakthrough of resistance was remarkably forceful, providing a powerful insight into the prevailing market sentiment.
However, it’s crucial to note that the NZDUSD price may experience significant volatility during economic events within the forecast period. Specifically, the following events have previously caused substantial volatility in the NZDUSD market:
– February 13 at 13:30 (UTC): United States Inflation Rate MoM, United States Core Inflation Rate MoM, United States Core Inflation Rate YoY, United States Inflation Rate YoY.
