Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to rise inside the clear 4-hour Up Channel which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the sharp Initial Trend (9 bars), high Uniformity (8 bars) and strong Clarity (7 bars). NZD/CAD is expected to rise further inside this Up Channel – in line with the earlier uwpard reversal form the support area shown below.

As can be seen from the weekly NZD/CAD chart below, this Up Channel is aligned with the active weekly upward impulse – which started previously from the key support area lying between the long-term support level 0.8300 (which stopped the sharp downtrend in the middle of 2015) and the lower weekly Bollinger Band. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this Up Channel.

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