Autochartist today identified the Uniform Ascending Triangle chart pattern on the 4-hour AUD/NZD charts.
The overall Quality of this chat pattern is rated at the 4 bar level which is the result of the slow Initial Trend (1 bars), strong Uniformity (7 bars) and medium Clarity (4 bars). Point C on the chart below formed when AUD/NZD corrected up from the strong support level 1.2400, which had earlier reversed the price sharply up twice in 2011 (as can be seen from the weekly AUD/NZD chart below).
AUD/NZD is expected to continue upward movement toward the upper resistance trendline of Ascending Triangle – in accordance with the predominant uptrend that can be seen on the weekly AUD/NZD charts.
The weekly AUD/NZD chart below demonstrates previous price action near the strong support level 1.2400: