Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to fall inside the daily Down Channel which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (7 bars) and higher Clarity (8 bars). AUD/NZD is expected to fall further inside this Down Channel – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily AUD/NZD chart below, the price earlier broke through the key support level 1.0590 (which stopped the previous sharp downward impulse in November). This price level is acting as a strong resistance after it was broken. The proximity of this resistance level and the strength of the active daily downtrend increase the probability AUD/NZD will continue to fall inside this Down Channel.
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