EUR/NZD is moving down inside a very clear Down Channel chart pattern on the daily chart. Autochartist rates the Quality of this chart pattern at the 5 bar level. The high Clarity (8 bars) and the above average Uniformity (6 bars) describe a well formed chart pattern developing smoothly in accordance with the prevailing daily and the weekly down trend. Low Initial Trend value reflects short-term sideways price movement that developed as the pair approached the 38,2% Fibonacci Retracement of the preceding longer term down impulse (which sharply reversed the previous upward correction). The price has recently reversed down from the combined resistance area made out of the strong resistance at 1.7450 and the 50% Fibonacci Retracement of the latest down impulse of this chart pattern. The price is expected to fall further in the coming sessions.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range for EUR/NZD stands below the price of the most recent downward reversal near the aforementioned resistance level 1.7450. This increases the chances that the downtrend will continue tomorrow.
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