Daily Forex Update: GBP/NZD
By: Dima Chernovolov
GBP/NZD continues to rise inside the extended 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and higher Clarity (7 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the combined support area shown below.
As can be seen from the daily GBP/NZD chart below, the price recently reversed up sharply from the support area lying between the pivotal support level 1.9570 (former strong resistance from July) and the 50% Fibonacci correction of the earlier sharp upward impulse from August. The proximity of this support area adds to the probability GBP/NZD will continue to rise inside this Up Channel.
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