Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to fall inside the daily Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (2 bars) and above-average Uniformity and Clarity (both rated at the 6 bar level). NZD/USD is expected to fall further inside this chart pattern – in line with the recent breakout of the support zone shown below.

As can be seen from the daily NZD/USD chart below, the price earlier broke the support zone lying between the pivotal support level 0.6950 (former resistance from May) and the support trendline of the daily up channel from May. This price zone is acting as resistance area after it was broken. The proximity of this resistance area increases the probability NZD/USD will continue to fall inside this Falling Wedge.

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