After an attempt to break the NZD/USD failed, this Forex pair formed a base along the support line of a 60-minute Triangle chart pattern. The subsequent rally helped drive the market through a swing top at .7562 while simultaneously penetrating a down-sloping resistance line. The upward surge through resistance formed a completed pattern, setting up a potential rally to the forecast zone at .7590 to .7634.
The overall quality rating is a solid 8-bars. This rating is primarily supported by a pair of maximum 10-bar ratings for clarity and breakout. Uniformity comes in at a strong 8-bars. The clearly defined higher-top, higher-bottom swing pattern inside of the Triangle is the driving force behind the highly scored uniformity and clarity ratings. The decisive close over the resistance line and the swing top is the main factor behind the robust breakout rating.
The 30-minute Triangle chart pattern supports the forecast for the 60-minute chart. This chart's breakout move has triggered a forecast of .7589 to .7632 which overlaps the hourly chart's projection. This is likely to instill confidence in traders with a bias to the upside.
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