Daily Forex Update: NZD/USD
By: Dima Chernovolov
NZD/USD continues to rise after the recent breakout of the Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 4 bar level – which reflects the below-average Initial Trend (4 bars), higher Uniformity (6 bars), and medium Clarity (5 bars). NZD/USD is expected to rise toward the forecast price 0.7179 in the nearest time.
As can be seen from the daily NZD/USD chart below, the breakout of this Triangle follows the earlier sharp upward reversal from the support zone lying between the long-term support level 0.6970 (which has been reversing the pair from June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward price impulse from May.
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