Daily Forex Update: EUR/NZD
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 measures the quality of this Rising Wedge at the 6 bar level – which reflects the slow Initial Trend (1 bar), significant Uniformity (7 bars) and near maximum Clarity (9 bars). EUR/NZD is expected to continue to rise inside this Rising Wedge – in line with the earlier upward reversal form the support area shown below.
As can be seen from the daily EUR/NZD chart below, the price earlier reversed up from the support zone lying between the key support level 1.5880 (former monthly high from July) and the 38.2% Fibonacci retracement of the previous upward impulse from last month. The proximity of this support zone increases the probability EUR/NZD will continue to rise inside this Rising Wedge.
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