By: Dima Chernovolov
AUD/NZD continues to rise inside the 4-hour Triangle chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 4-bar level – which is the result of the slow Initial Trend (one bar), medium Uniformity (5 bars) and higher Clarity (6 bars). AUD/NZD is expected to rise further inside this Triangle – in line with the earlier upward reversal from the strong support area shown below.
As can be seen from the daily AUD/NZD chart below, the pair earlier reversed up with the daily Bullish Engulfing from the strong support area lying between the major support level 1.0860 (which has been reversing the price from September), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp (C)-wave from June. The proximity of this support area increases the probability EUR/USD will continue to rise inside this Triangle.
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