Daily Forex Update: GBP/NZD
By: Dima Chernovolov
GBP/NZD continues to rise inside the high quality Ascending Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the quality of this Ascending Triangle at the 8-bar level – which reflects the sharp Initial Trend (10 bars), significant Uniformity and Clarity (rated at the 8 and 7 bar levels respectively). GBP/NZD is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily GBP/NZD chart below, the price earlier reversed up from the support zone lying between the pivotal support level 1.8400 (which has been reversing the pair from the middle of September) and the 38.2% Fibonacci correction of the upward price impulse from last month. The proximity of this support area adds to the likelihood GBP/NZD will continue to rise inside this Ascending Triangle.
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