Daily Forex Update: GBP/NZD

By: Dima Chernovolov

GBP/NZD continues to riser inside the hourly Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and medium Clarity (5 bars). GBP/NZD is expected to rise further inside this Rising Wedge – 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 resistance zone lying between the resistance level 1.9430 and the 61.8% Fibonacci correction of the previous downward correction from April.  This price area is acting as support zone after it was broken. The proximity of this support zone increases the probability GBP/NZD will continue to rise inside this Rising Wedge.

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