Daily Forex Update: NZD/USD
By: Dima Chernovolov
NZD/USD continues to rise inside the 4-hour Up Channel chart pattern was previously identified by Autochartist. Autochartist measures the Quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (1 bar), below-average Uniformity (3 bars) and maximum Clarity (10 bars). NZD/USD is expected to rise further inside this Up Channel – continuing the earlier upward reversal from the support zone described below.
As can be seen from the daily NZD/USD chart below, the price earlier reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying between the support level 0.7200 (which also earlier stopped the previous sharp correction (2)) and the 38.2% Fibonacci retracement of the sharp upward impulse from the start of June. The proximity of this support area increases the probability NZD/USD will continue to rise inside this Up Channel.
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