Daily Forex Update: NZD/JPY
By: Dima Chernovolov
NZD/JPY continues to rise inside the daily Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 8-bar level – which is the result of the strong Initial Trend (7 bars) and near maximum Uniformity and Clarity (both rated at the 8 bar level). NZD/JPY is expected to rise further inside this Falling Wedge – in line with the earlier upward reversal from the powerful support zone shown below.
As can be seen from the weekly NZD/JPY chart below, the bottom of this Falling Wedge formed when the pair reversed up with the weekly Hammer from the powerful combined support area lying between the long-term support level 75.80 (which has been reversing the price from April of 2017) and the lower weekly Bollinger Band. The proximity of this support area increases the probability NZD/JPY will continue to rise inside this Falling Wedge.
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