Autochartist recently identified the breakout of the Rectangle chart pattern on the daily charts. The Quality of this chart pattern is measured by Autochartist at the 6-bar level – which reflects the below-average Initial Trend (4 bars), significant Uniformity (8 bars) and above-average Clarity (6 bars). The strength of this Rectangle breakout is rated by Autochartist at the 6-bar level. EUR/NZD is likely to fall to the Forecast Price 1.5808.
As you can see from the PowerStats chart below, the lower boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.5781) stands well below the Forecast Price calculated by Autochartist for the breakout of this Rectangle (1.5808) – which adds to the probability the pair will continue to fall toward 1.5808 in the nearest time.