Daily Forex Update: GBP/NZD
By: Dima Chernovolov
GBP/NZD recently broke the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and strong Clarity (9 bars). GBP/NZD is expected to fall further toward the forecast price 1.9031– in line with the earlier downward reversal from the resistance area shown below.
As can be seen from the daily GBP/NZD below, the top of this Up Channel formed when the price reversed down from the resistance area lying between the resistance level 1.9240 (which has been reversing the price from the start of January), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from October. The proximity of this resistance area increases the probability daily GBP/NZD will continue fall rise toward the forecast price 1.9031.
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