Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to fall inside the Clear Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Triangle at the 5 bar level – which reflects the below-average Initial Trend (4 bars), average Uniformity (5 bars) and substantial Clarity (7 bars). AUD/NZD is expected to fall further toward the lower support trendline of this Triangle.

As can be seen from the daily AUD/NZD below, the top of this Triangle formed when the pair reversed down from the resistance area lying between the long-term resistance level 1.07400 (which also reversed the pair in July and August), upper daily Bollinger Band and 50% Fibonacci correction of the downward impulse from April. The proximity of this resistance zone increases the probability AUD/NZD will continue to fall inside this Triangle.

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