Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD recently broke the hourly Down Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the average Initial Trend (5 bars) and strong Uniformity and Clarity (rated at the 8 and 9 bar levels respectively). AUD/NZD is expected to rise toward the forecast price 1.0971 – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily AUD/NZD chart below, the pair earlier reversed up from the combined support zone lying between the key support level 1.0860 (which has been reversing the price from the end of September), lower daily Bollinger Band and the 50% Fibonacci correction of the upward price impulse from June. The proximity of this support area increases the probability AUD/NZD will continue to rise toward the forecast price 1.0971.

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