Daily Forex Update: NZD/CAD
By: Dima Chernovolov
NZD/CAD continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the average Initial Trend (5 bars), below-average Uniformity (4 bars) and strong Uniformity (8 bars). NZD/CAD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/CAD below, the pair recently reversed up with the daily Morning Star from the support area lying between the key support level 0.8930 (which has been reversing the price from the end of November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from October. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this Rising Wedge.
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