NZD/CAD recently broke the daily Triangle chart pattern identified by Autochartist.
Autochartist rates the overall Quality of this Triangle at the 6 bar level, which reflects the slow Initial Trend (2 bars), strong Uniformity (8 bars) and maximum Clarity (10 bars). High Uniformity and Clarity of this Triangle indicate its higher visibility to the traders. This Triangle Breakout follows the predominant uptrend that can be seen on the daily and the weekly NZD/CAD charts. The recent strong upward reversal (D) from the 38,2% Fibonacci Correction of the previous sub-wave of this Triangle (C to B) sent the pair sharply up through upper resistance trendline of this chart pattern.
NZD/CAD is expected to continue upward movement toward the Forecast Price 0.8379.
As you can see from the following PowerStats chart, most of the daily Expected Price Range (from 0.8161 to 0.8234) is located above the resistance trendline of the above broken Triangle – which heightens the probability that NZD/CAD will continue to rise tomorrow.
