Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to fall after the earlier downward reversal from the top of the daily Up Channel chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars) and strong Uniformity and Clarity (both rated at the 7 bar levels). NZD/CAD is expected to fall further inside this Up Channel.

As can be seen from the daily NZD/CAD chart below, the top of the this Up Channel formed when the pair reversed down from the combined resistance area lying between the major resistance level 0.9100 (which has been reversing the price from September), upper daily Bollinger Band and the 38.2% Fibonacci correction of the sharp downward impulse from June. The proximity of this resistance area increases the probability NZD/CAD will continue to fall inside this Up Channel

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