Autochartist today identified the extended horizontal Key Resistance Level 0.8251 (of the type Approach) on the daily NZD/USD charts. Autochartist rates the Significance of this resistance level at the 6 bar level as a result of the 6 price reversals which occurred during the last 242 candles, as can be seen from the Key Levels chart below. The pair is expected to rise further toward this Key Level - in accordance with the predominant uptrend visible on the daily and the weekly NZD/USD charts. The bullish outlook for this currency pair is further confirmed by the next daily chart pattern which has also been identified by Autochartist today.
As can be seen from the following chart, Autochartist has also identified today the Triangle chart pattern on the daily NZD/USD charts. The pair has previously reversed sharply up (at point D) from the 38,2% Fibonacci Retracement of the preceding up-leg of this Triangle (from C to B) and is expected to rise further toward the upper resistance trendline of this Triangle (standing close to the Key Resistance 0.8251 shown above). Two patterns pointing in one direction increase the likelihood of further gains for this pair.
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