GBP/NZD continues to rise inside the 15-minute Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which reflects the slow Initial Trend (2 bar), low Uniformity (one bar) and strong Clarity (8 bars). GBP/NZD is expected to rise further inside this chart pattern – in line with the earlier breakout of the major resistance zone shown below.
As can be seen from the daily GBP/NZD chart below, the price earlier broke the strong resistance zone lying between the key resistance levels 1.9690 (monthly high from April) and 1.9740 (monthly high from May). This price zone is acting as a strong support area after it was broken. The proximity of this support zone and the accelerating daily Momentum increase the probability GBP/NZD will continue to rise inside this Rising Wedge.
