Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to rise inside the uniform Up Channel chart pattern was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Quality of this Up Channel at the 6 bar level – which is the result of the slow Initial Trend (2 bars), near-maximum Uniformity (9 bars) and significant Clarity (8 bars).  NZD/CAD is expected to rise further inside this Up Channel – continuing the earlier breakout of the resistance zone described below.

As you can see from the daily NZD/CAD chart below, this Up Channel is aligned with the sharp daily impulse which earlier broke through the resistance zone lying between the the key resistance level 0.9600 (which has been reversing the pair from last November) and the 61.8% Fibonacci correction of the downward impulse from the end of 2016.  This price zone is acting as support area after it was broken. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this Up Channel.

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