Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to rise inside the clear Up Channel chart pattern was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), average Uniformity (5 bars) and near-maximum Clarity (9 bars). High Clarity reflects the sharpness of the price impulses between the upper and lower trendline of this chart pattern. NZD/CAD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone highlighted below

As can be seen from the daily NZD/CAD chart below, the price earlier reversed up from the combined support area lying between the pivotal support level 0.9530 (former resistance level from May) and the 38.2% Fibonacci correction of the upward impulse from April.  The proximity of this support area adds to the likelihood NZD/CAD will continue to rise inside this Up Channel.

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