NZD/USD is continuing to advance inside the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 7 bar level, which reflects the following values of the individual contributing Quality indicators: maximum Initial Trend (rated at the 10 bar level), lower Uniformity (3 bars) and significant Clarity (7 bars). This chart pattern is continuing the prevailing uptrend that can be seen on the daily and the weekly NZD/USD charts. More specifically, this Triangle continues the sharp preceding upward impulse (whose strength is reflected by the maximum Initial Trend value).
The top of this Triangle (point A on the chart below) formed when the pair reversed from the major resistance at the round price level 0.8800. The bottom of this chart pattern (point C) formed when the pair rebounded from the cluster of the support levels made out of the 50% Fibonacci Retracement the preceding sharp daily upward impulse, as well as the major round price level 0.8000 (as is shown on the second chart below). The second connecting point of the lower support trendline of this Triangle (point D) formed when the pair reversed up from a similar support cluster as at point C - this time made out of the 38,2% Fibonacci Retracement of the aforementioned preceding upward impulse and the round price level 0.8200. Point B of this chart pattern formed at the 61,8% Fibonacci Correction of the first down leg of this chart pattern (from A to C). The visibility of this Triangle is increased by the fact that the last two legs of this Triangle (from C to B and from B to D) are clear-cut ABC waves - which is characteristic of the-sub waves of a Triangle chart patterns. The pair is expected to rise further in the nearest time.
The following daily NZD/USD chart demonstrates the technical price levels mentioned above:
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