By: Dima Chernovolov
GBP/NZD continues to rise inside the clear daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and strong Clarity (8 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance area shown below.
As can be seen from the daily GBP/NZD chart below, the price earlier broke through the key resistance area lying between the round resistance level 2.0000 (which stopped the previous sharp upward impulse wave in September) and the resistance trendline of the wider weekly up channel from May. This price zone is acting as a strong support area after it was broken. The proximity of this support area increases the probability GBP/NZD will continue to rise inside this Up Channel.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com