Daily Forex Update: GBP/NZD

By: Dima Chernovolov

GBP/NZD continues to rise inside the clear daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the medium Initial Trend (4 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). GBP/NZD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.

16112017dailyfximage1

As can be seen from the daily GBP/NZD chart below, the price earlier reversed up with the daily Bullish Engulfing from the support area lying between the major support level 1.8870 (former resistance level from May), 30-day moving average and the 50% Fibonacci correction of the previous upward impulse from October. The proximity of this support area adds to the probability GBP/NZD will continue to rise inside this Up Channel.

16112017dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

1 Likes
1028 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up






* = Required Field