By: Dima Chernovolov
EUR/NZD continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (3 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). EUR/NZD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily EUR/NZD chart below, the price earlier reversed up from support area lying between the support level 1.7150 (former strong resistance level from October) and the 38.2% Fibonacci correction of the previous upward price impulse from the start of November. The proximity of this support area adds to the likelihood EUR/NZD will continue to advance inside this Rising Wedge.
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