By: Dima Chernovolov
GBP/NZD recently broke the 4-hour Ascending Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slow Initial Trend (1 bar), low Uniformity (3 bars) and medium Clarity (5 bars). GBP/NZD is expected to rise toward the forecast price 1.9410.
As can be seen from the daily GBP/NZD chart below – the bottom of this chart pattern formed near the support area lying between the round support level 1.9000 (which stopped the sharp downward impulse in June) and the lower daily Bollinger band. The proximity of this support area adds to the probability GBP/NZD will continue to rise toward the forecast price 1.9410