By: Dima Chernovolov
AUD/NZD continues to rise inside the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/NZD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone highlighted below.
As can be seen from the daily AUD/NZD chart below, price earlier broke the resistance zone lying at the intersection of the key resistance level 1.0820 (which has been reversing the price from the middle of February) and the resistance trendline of the wide daily down channel from October. This price area is acting as a strong support zone level after it was broken. The proximity of this support area increases the probability AUD/NZD will continue to rise inside this Up Channel.
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