Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise inside the high-quality Flag chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Flag at the 9 bar level – which is the result of the strong Initial Trend (rated at the highest 10-bar level), significant Uniformity (8 bars) and maximum Clarity (10 bars). AUD/NZD is expected to rise inside this Flag – continuing the recent sharp upward reversal from the support zone shown below.

As can be seen from the daily AUD/NZD chart below, the bottom of this Flag formed when the pair reversed up from the powerful zone lying between the long-term support level 1.0760 (previous strong resistance from September and October), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from January (high “Initial Trend” reflects its strength). The proximity of this support zone increases the probability AUD/NZD will continue to rise inside this Flag.

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