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.

12092018dailyfximage1

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.

12092018dailyfximage2

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