Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to riser inside the clear daily 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), average Uniformity (5 bars) and strong Clarity (9 bars). AUD/NZD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone shown below.

As can be seen from the daily AUD/NZD chart below, the price earlier broke through the resistance zone lying between the key resistance level 1.0950 (former monthly high from May) and the 61.8% Fibonacci correction of the previous weekly downward impulse from October of 2017.  This price zone is acting as support area 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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