NZD/USD continues to fall inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), low Uniformity (2 bars) and significant Clarity (8 bars). NZD/USD is expected to fall further inside this Down Channel.
As can be seen from the weekly NZD/USD chart below – the pair earlier reversed down from the resistance area located between the key resistance level 0.6460 (which has been reversing the pair from last year) and the 61.8% Fibonacci correction of the weekly downward impulse from the start of 2022. The proximity of this resistance area and the clear weekly downtrend increase the probability NZD/USD will continue to fall inside this Down Channel.