NZD/USD is moving up inside the Flag chart pattern identified by Autochartist. The Quality of this pattern is rated at the high 7 bar level that is a consequence of the strong values of Initial Trend and Clarity (both rated at 9 bar level) and lower Uniformity ( 4 bars). High Initial Trend reflects the strength of the sharp upward price impulse that preceded this chart pattern and which formed ifs flagpole. The base of this flagpole formed right at the 61,8% Fibonacci Retracement of the preceding up thrust. High Clarity indicates widespread agreement among the market participants regarding the direction of the prevailing uptrend affecting the pair. This Flag continues the long term uptrend visible on the daily and the weekly charts. The pair is expected to rise in the coming sessions.
As you can see from the following PowerStats chart below, the top of the daily Expected Price Range for NZD/USD (0.7801) stands close to the top of this Flag chart pattern (0.7810). This increases the chances that the uptrend will continue tomorrow.
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