Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and near-maximum Clarity (9 bars). AUD/NZD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the strong support area highlighted below.
As can be seen from the daily AUD/NZD chart below, the price previously reversed up from the support area lying between the major support level 1.1145 (former monthly high from September) and the 38.2% Fibonacci correction of the upward price impulse from the middle of October. The proximity of this support area increases the probability AUD/NZD will continue to rise inside this Up Channel.
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