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 5-bar level – which is the result of the slow Initial Trend (3 bars), average Uniformity (5 bars) and higher Clarity (6 bars). NZD/CAD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily NZD/CAD chart below, the price earlier reversed up from the support zone lying between the round support level 0.9000 (former resistance from December and October), support trendline of the daily up channel from December and the 50% Fibonacci correction of the sharp upward impulse from December. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this Rising Wedge.

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