Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to fall inside the uniform Down Channel chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (8 bars) and strong Clarity (6 bars). NZD/USD is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the round resistance level shown below.

24102017dailyfximage1

As can be seen from the daily NZD/USD chart below, the last connecting pivot of the upper trendline of this Down Channel formed when the price reversed down from the round resistance level 0.7000. The downward reversal from the resistance level 0.7000 accelerated the active sharp daily impulse wave from the middle of September. The proximity of resistance level 0.7000 increases the probability NZD/USD will continue to fall inside this Down Channel.

24102017dailyfximage2

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