NZD/USD short targets 0.7504-0.7264

среда, 24 ноября 2010 г. Автор: Tom Jerry
Weekly Forex Update: NZD/USD
The 240-minute NZD/USD recently posted a top at .7831, close to the .618 retracement level of the .7971 to .7633 main range. This top helped form the resistance line of this 111-bar Triangle chart pattern, setting up this Forex pair for a drive through the support line.

The high Clarity rating of 10-bars more than offsets the 1-bar Initial Trend rating, helping to produce a better than average Quality rating of 6-bars. A high Uniformity rating of 7-bars indicates that the chart pattern’s contact with support and resistance are more evenly spaced.

The close under the support line has triggered a 6-bar Breakout pattern. This rating may increase if the swing bottom is also taken out at .7631. A move through this level could also trigger an acceleration to the downside since it indicates a change in trend according to the swing charts. All of this is adding up to support a possible break into the forecast target at .7504 to .7264.

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