Daily Forex Update: NZD/CAD

By: Dima Chernovolov

Autochartsit recently identified the clear Flag chart on the 4-hour NZD/CAD charts. Autochartsit rates the overall Quality of this chart pattern at the 8-bar level – which is the result of the sharp Initial Trend (reflecting the strength of the preceding upward impulse, which Is the “flag-pole” of this Flag), average Uniformity (5 bars) and near-maximum Clarity (9 bars). NZD/CAD is expected to rise toward the upper resistance trendline of this Flag.

As can be seen from the following chart – the upper trendline of this Flag runs parallel to the Key Resistance Level 0.9483 (of the type Approach) – which was also previously identified by Autochartist on the 4-hour NZD/CAD charts. The pair is expected to reach this Key Level in the nearest time. Two different-type bullish chart patterns heighten the probability of further gains for this currency pair.

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