By: Dima Chernovolov
EUR/NZD continues to rise inside the uniform Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the slow Initial Trend (one bar), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). EUR/NZD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level 1.6230.
As can be seen from the daily EUR/NZD chart below, the price recently broke above the powerful resistance level 1.6230 (which reversed the earlier sharp upward impulses in May and at the start of August). The price level 1.6230 is acting as strong support now – after it was broken. The proximity of this support level heightens the probability EUR/NZD will continue to rise inside this Up Channel.
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