Daily Forex Update: GBP/NZD
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.
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