Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (8 bars) and significant Clarity (7 bars). NZD/USD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the powerful support area shown below.

As can be seen from the weekly NZD/USD chart below, the pair earlier reversed up with the weekly Morning Star from the powerful support area lying between the long-term support level 0.6860 (which has been reversing the price from the end of 2016) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic increase the probability NZD/USD will continue to rise inside this Rising Wedge.

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