By: Dima Chernovolov
AUD/NZD continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and significant Clarity (8 bars). AUD/NZD is expected to rise further inside this Rising Wedge .
As can be seen from the daily AUD/NZD chart below – the price earlier broke the key resistance level 1.0780 (which has been reversing the price from February). This level is acting as the support level after it was broken. The proximity of this support level and the clear daily uptrend increase the probability AUD/NZD will continue to rise inside this Rising Wedge .