Daily Forex Update: EUR/NZD

By: Dima Chernovolov

EUR/NZD continues to rise inside the high-quality hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the powerful Initial Trend (10 bars), maximum Uniformity (10 bars) and substantial Clarity (9 bars). EUR/NZD is expected to rise further inside this Up Channel – in line with the previous breakout of the resistance area shown below.

As can be seen from the weekly EUR/NZD chart below, the pair recently broke through resistance area lying between the long-term resistance level 1.6850 (which reversed the price with the weekly Shooting Star in May of 2016) and the 61.8% Fibonacci correction of the weekly downtrend from the middle of 2015. This price area is acting as support zone after it was broken. The proximity of support zone heightens the probability EUR/NZD will continue to rise inside this Up Channel.

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