Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the daily charts. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and higher Clarity (8 bars). AUD/NZD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily AUD/NZD chart below, the pair recently reversed up twice from the support area lying between the strong support level 1.0840, lower daily Bollinger Band and the 50% Fibonacci correction of the upward price impulse from the middle of June. The pair just broke the key resistance level 1.1120 – which is acting as support now. The proximity of this support level adds to the probability AUD/NZD will continue to rise inside this Rising Wedge.
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