Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD recently broke the clear Triangle chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 7 bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). Autochartist measures the strength of this breakout at the maximum, 10-bar level – which adds to the probability AUD/NZD will continue to rise toward the forecast price 1.0586.

As can be seen from the daily AUD/NZD chart below,  the price earlier reversed up from the strong support zone lying between the long-term support level 1.0400 (which has been repeatedly reversing all downward price impulses from last November) and the lower daily Bollinger Band. The proximity of this support area increases the probability AUD/NZD will continue to rise toward the forecast price 1.0586.

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