Daily Forex Update: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues rise inside the 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (6 bars) and substantial Clarity (9 bars). AUD/NZD expected to rise further inside this Up Channel – in line with the previous upward reversal from the key support area highlighted below.
As can be seen from the daily AUD/NZD chart below, the price recently reversed up from the combined support zone lying between the key support level 1.1000 (former strong resistance which reversed the price in July) and the 50% Fibonacci correction of the previous sharp upward impulse (i) from July. The proximity of this support zone increases the probability AUD/NZD will continue to rise inside this Up Channel.
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