Daily Forex Update: NZD/CAD

Published 07/20/2012, 08:45 AM
Updated 03/09/2019, 08:30 AM

NZD/CAD continues to rise inside the Clear Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this Triangle is rated at the 5 bar level as a result of the low Initial Trend (one bar), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). This chart pattern continues the prevailing uptrend that can be seen on the weekly NZD/CAD charts. The bottom of this Triangle (point C on the chart below) formed when the pair reversed up form the strong support area made out of the following support levels: 50% Fibonacci Retracement of the preceding sharp weekly upward price impulse from the March of 2011, the round price level 0.7700, and the weekly upward-sloping support trendline from the start of 2009 (as is shown on the second chart below). The pair is expected to rise further in the nearest time.

Daily Fx 1
The following weekly NZD/CAD chart shows the technical price levels mentioned above:

<span class=NZD/CAD" title="NZD/CAD" width="595" height="574">

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