By: Dima Chernovolov
EUR/NZD continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which reflects the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and significant Clarity (9 bars). EUR/NZD is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the pivotal resistance level shown below.
As can be seen from the daily EUR/NZD chart below, the price earlier broke through the powerful resistance level 1.6680 (which stopped the previous impulse wave with the daily Shooting Star at the start of September). This price level is acting as support level after it was broken. The proximity of this support level increases the probability EUR/NZD will continue to rise inside this Rising Wedge.
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