Forex Trading December 2012
EUR/NZD recently broke the daily Triangle chart pattern identified by Autochartist.
Autochartist forex trading rates the Quality of this Triangle at the 5 bar level which reflects the sharp Initial Trend (7 bars), substantial Uniformity (8 bars) and above-medium Clarity (6 bars). This Triangle Breakout is aligned with the predominant downtrend visible on the daily and the weekly EUR/NZD charts. EUR/NZD has previously turned sharply down (at B) when it failed to rise above the strong resistance area consisting of the 50% Fibonacci Correction of the previous daily downward price thrust from May and the upper daily Bollinger Band. The downward reversal from D led to the formation of the strong daily Japanese Candlestick reversal pattern - Evening Doji Star.
The subsequent downward price impulse recently broke the lower support trendline of this chart pattern. EUR/NZD is expected to continue downward movement in the direction of the Forecast Price 1.5230.
About the Author
Autochartist gives you forex trading tips by tracking financial markets to find trade opportunities in real time with a remarkable record of past success. Considered the market leader in intraday trading tools our search engines monitor thousands of financial instruments 24 hours a day and automatically identifies Chart patterns, Fibonacci patterns, and Key Levels as they occur. In addition, Autochartist offers PowerStats as a feature which will give you a better assessment of risk and volatility on the instruments that you trade.
Tell others about
this page:
Comments? Questions? Email Here