Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD has been rising sharply in the last few trading sessions inside the daily Ascending Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the 6 bar level – which reflects the slow Initial Trend (3 bars), significant Uniformity (7 bars) and higher Clarity (9 bars). The price is likely to continue to rise toward the upper resistance trendline of this chart pattern – which is also confirmed by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.0721) coincides with the resistance trendline of the aforementioned Ascending Triangle – which increases the probability AUD/NZD will continue to rise inside this chart pattern tomorrow.
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