Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to rise inside the 30-minute 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 slow Initial Trend (1 bar), strong Uniformity (8 bars) and significant Clarity (7 bars). NZD/CAD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily NZD/CAD below, the price earlier revered up from the support area lying at the intersection of the key support level 0.8910 (which has been reversing the price from the end of November), lower daily Bollinger Band and 38.2% Fibonacci correction of the previous 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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