Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist rates 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 near-maximum Clarity (10 bars). AUD/NZD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the combined support area highlighted 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 support level 1.0550, lower daily Bollinger Band and the lower trendline of the daily down channel from October. The proximity of this support area increases the probability AUD/NZD will continue to advance inside this Rising Wedge.

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