GBP/NZD today broke the resistance trendline of the 204-bar Falling Wedge identified by Autochartist on the 4-hour charts.
Autochartist rates the Quality of this Falling Wedge at the 8 bar level, which reflects the following values of the individual contributing Quality indicators: strong Initial Trend (6 bars), significant Uniformity (8 bars) and maximum Clarity (10 bars). Higher Uniformity, Clarity and the Length of this Falling Wedge make it more visible to the market participants – which increases the probability that there will be more follow-through buying of this currency pair in the nearest time.
GBP/NZD is expected to continue upward movement toward the Forecast Price 2.0052.
20120710dailyfximage1As you can see from the PowerStats chart below, most of the daily Expected Price Range calculated by Autochartist for GBP/NZD for tomorrow (from 1.9377 to 1.9599) exceeds the resistance trendline of the above completed Falling Wedge, which adds to the chances of further gains for this currency pair in the nearest time.