Daily Forex Update: NZD/USD
By: Dima Chernovolov
NZD/USD continues to rise inside the clear Falling Wedge chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (6 bars) and maximum Clarity (10 bars). NZD/USD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/USD chart below, the price earlier reversed up from the support area lying between the key support level 0.7180 (which has been reversing the pair from the start February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December. The proximity of this support area increases the probability NZD/USD will continue to advance inside this Falling Wedge.
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