Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to rise inside the 4-hour Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which reflects the low Initial Trend and Uniformity (both rated at the 3 bar level) and higher Clarity (4 bars). NZD/CAD is expected to rise further inside this Triangle – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily NZD/CAD chart below, the price earlier reversed up from the from the support area lying between the pivotal support level 0.9280, lower daily Bollinger Band, support trendline of the daily up channel from  December and the 50% Fibonacci correction of the upward impulse from February. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this Triangle.

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