Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to fall inside the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which reflects the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). AUD/NZD is expected fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily AUD/NZD chart below, the pair previously broke through the support level 1.0660 (which reversed the price sharply in May and June). The breakout of this the support level strengthened the bearish pressure on this pair – which is moving inside the sharp daily downtrend from August. The price level 1.0660 is acting as strong resistance after it was broken. The proximity of this resistance level increase the probability AUD/NZD will continue to fall inside this Down Channel.
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