By: Dima Chernovolov
NZD/CAD continues to fall inside the daily Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and higher Clarity (6 bars). NZD/CAD is expected fall rise further inside this Falling Wedge – in line with the earlier breakout of the key support level shown below.
As can be seen from the NZD/CAD chart below, the price earlier broke the pivotal support level 0.8570 (which reversed the price twice in August). This price level is acting as a strong resistance level after it was broken. The proximity of this resistance level and the strength of the downtrend visible on the daily charts increase the probability NZD/CAD will continue to fall inside this Falling Wedge.
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