Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the clear hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the strong Initial Trend and Uniformity (rated at the 7 bar level) and maximum Clarity (10 bars). NZD/USD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the strong support area shown below.

As can be seen from the daily NZD/USD chart below, the price earlier reversed up with the daily Morning Star from the support area lying between the long-term support level 0.6830 (which has been reversing the price from May) and the lower daily Bollinger Band. The proximity of this support area heightens the probability NZD/USD will continue to rise inside this Up Channel.

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