Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise after the earlier breakout of the Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 8 bar level – which is the result of the sharp Initial Trend (8 bars), average Uniformity (5 bars), and maximum Clarity (rated at the 10 bar level). AUD/NZD is expected to rise toward the forecast price 1.0898 – continuing the prevailing uptrend visible on the daily chart below.

As can be seen from the chart below, Autochartist also recently identified the Clear Rising Wedge on the daily AUD/NZD charts. Higher Clarity of this Rising Wedge reflects the sharpness of the price impulses between the connecting pivots which form this chart pattern. The presence of the two different-type bullish chart patterns increases the probability AUD/NZD will continue to rise toward the forecast price 1.0898 in the coming trading sessions.

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