Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of this Up Channel at the 5 bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (6 bars) and significant Clarity (8 bars). NZD/USD is expected to continue to rise inside this Up Channel – which is also indicated by the analysis shown below.

As can be seen from the weekly NZD/USD chart below, the price earlier reversed up from the strong support zone located between the pivotal support level 0.6870 (which reversed the price at the end of 2016), lower weekly Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from October of 2015. The proximity of this support zone adds to the probability NZD/USD will continue to rise inside this Up Channel.

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