GBP/NZD continues to rise inside the extended Ascending Triangle chart pattern indentified by Autochartist on the daily charts. The length of this chart pattern is equal to the 225 candles. Autochartist rates the overall Quality of this chart pattern at the 6 bar level as a result of the low Initial Trend (rated at the 3 bar level), significant Uniformity (7 bars) and higher Clarity (8 bars). The upper resistance trendline of this Ascending Triangle was formed on two price reversals (at points A and B) from the 61,8% Fibonacci Retracement of the preceding sharp downward price impulse from the March of 2011. The bottom of this chart pattern (point C on the chart below) formed when the pair reversed up from the strong support area close to the previous low from the July of 2011. The pair has recently reversed up strongly (at point D) from the round support price 1.9000 and is expected to rise further in the coming sessions.
The daily GBP/NZD chart below highlights the aforementioned technical price levels:
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Daily Forex Update: GBP/NZD
Published 08/15/2012, 05:58 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/NZD
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