Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 3-bar level – which reflects the slow Initial Trend (1 bar), average Uniformity (5 bars) and lower Clarity (4 bars). NZD/USD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.

14022018dailyfximage1

As can be seen from the daily NZD/USD chart below, the price earlier reversed up with the daily Hammer from the support area lying between the key support level 0.7200 (former resistance level from October), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from December. The proximity of this support area increases the probability NZD/USD will continue to rise inside this Up Channel.

14022018dailyfximage2

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