By: Dima Chernovolov

EUR/NZD earlier broke the 15-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (5 bars) and significant Clarity (7 bars). EUR/NZD is expected to rise toward the forecast price 1.7256.

As can be seen from the daily EUR/NZD chart below – the pair earlier reversed up strongly from the pivotal support level 1.6950 (former strong resistance from the start of July, acting as the support after it was broken). The proximity of this support level increase the probability EUR/NZD will continue to rise toward the forecast price 1.7256.