Daily Forex Update: NZD/USD
By: Dima Chernovolov
NZD/USD continues to fall inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Up Channel at the 6-bar level – which reflects the above-average Initial Trend and Clarity (both rated at the 6 bar level) and average Uniformity (5 bars). NZD/USD is expected to fall further inside this Up Channel – in line with the earlier downward reversal from the powerful resistance level shown below.
As can be seen from the daily NZD/USD chart below, the price earlier reversed down from the major, multi-month resistance level 0.7380, which has been steadily reversing the price from last November. The resistance zone near the resistance level 0.7380 was strengthened by the upper daily Bollinger Band. The proximity of the resistance level 0.7380 increases the probability NZD/USD will continue to fall inside this Up Channel.
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