By: Dima Chernovolov

NZD/USD continues to fall inside the clear hourly Down Channel which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (one bar) and strong Clarity (10 bars). NZD/USD is expected to fall further inside this Down Channel – in line with the earlier breakout of the powerful support level shown below.


As can be seen from the daily NZD/USD chart below, the price earlier broke through the major support level 0.6790 (which stopped the previous share downtrend in last November). This price level is acting as resistance after it was broken. The proximity of this resistance level and the strength of the active daily impulse wave increase the probability NZD/USD will continue to fall inside this Down Channel.


To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.


For further information on this and other Autochartist products visit


You may also like

Comments are closed.