Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise inside the clear Down Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Down Channel at the 6-bar level – which reflects the slow Initial Trend (3 bars) and strong Uniformity (3 bars). USD/JPY is expected to rise further inside this Down Channel – 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 price earlier reversed up with the daily Bullish Engulfing from the support area lying between the pivotal support level 1.0650 (former monthly low from February), support  trendline of the daily down cannel from October and the lower daily Bollinger Band. The proximity of this support area increases the probability AUD/NZD will continue to rise inside this Down Channel.

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