Daily Forex Update: NZD/USD
By: Dima Chernovolov
NZD/USD continues to fall inside the uniform Down Channel chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (8 bars) and strong Clarity (6 bars). NZD/USD is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the round resistance level shown below.
As can be seen from the daily NZD/USD chart below, the last connecting pivot of the upper trendline of this Down Channel formed when the price reversed down from the round resistance level 0.7000. The downward reversal from the resistance level 0.7000 accelerated the active sharp daily impulse wave from the middle of September. The proximity of resistance level 0.7000 increases the probability NZD/USD will continue to fall inside this Down Channel.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com