NZD/CAD Continues To Advance Inside The Rising Wedge Chart Pattern
AutoChartist | Apr 18, 2017 05:37AM ET
NZD/CAD continues to advance inside the rising wedge chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this rising wedge at the 4 bar level – which reflects the slow initial trend and uniformity (rated at 1 and 3 bar levels respectively) and significant clarity (7 bars). NZD/CAD is expected to rise further inside this rising wedge – continuing the earlier sharp upward reversal from support zone described below.
As can be seen from the daily NZD/CAD chart below, the bottom of this rising wedge formed when the pair reversed up from the support zone located between the major support level 0.9200 (which also reversed the price in January) and the lower daily Bollinger Band®. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern hammer. The proximity of this support area increases the probability NZD/CAD will continue to rise inside this rising wedge.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.