According to Wikipedia Operator associativity page: "...for an exponentiation operator (if present) [source] and Knuth's up-arrow operators there is no general agreement."
There is a list of implementations (right- vs left-associative) across computer languages, available in the source that Wikipedia mentions.
Comparative table:
| Interpreter | | Expon. assoc. |
|-----------------------|---|-------------------|
| Bash | | Right-associative |
| Python | | Right-associative |
| Ruby | | Right-associative |
| C++ | ! | Left-associative |
| -- Search engines: -------------------------- |
| Google, Bing, Yahoo | | Right-associative |
| WolframAlpha | | Right-associative |
| -- Spreadsheets: ---------------------------- |
| MS Excel | ! | Left-associative |
| Google Sheets | ! | Right-associative |
| -- Other: ----------------------------------- |
| Matlab | ! | Left-associative |
| Windows, Samsung Calc.| ! | Left-associative |
| Mac Spotlight | ! | Left-associative |
| Hand-held calculators | ! | Varies |
! means be careful
x^y^z can be also written as $x\uparrow y\uparrow z$. In both cases, the interpretation is ambiguous.
Because we can rewrite the statement after left-assoc. interpretation ${x^y}^z$ as $x^{y \cdot z}$ we can assume that this behavior is not what a regular user wants because he can write directly $x^{y \cdot z}$. From this point of view, it seems that right-associative approach is "better". I do not say more correct because we have no general rule/agreement for that.
There is also a mnemonics called PEMDAS/BEDMAS/BODMAS/BIDMAS (depends in countries). It calls us we should solve Brackets > Orders (e.g. powers, square roots) > Division > Multiplication > Addition > Subtraction. According to this mnemonics we should proceed from top to down for powers (right-association).
Negation vs exponentiation
There is also one more important problem you can face in this context: variable negation or exponentiation first? [source]
- Negation first: $-2^2$ = 4
- Exponentiation first: $-2^2$ = -4
Comparative table:
| Interpreter | | Neg. or Expon. first |
|-----------------------|---|----------------------|
| Bash | ! | Negation |
| Python | | Exponentiation |
| Ruby | | Exponentiation |
| -- Search engines: ----------------------------- |
| Google, Bing, Yahoo | | Exponentiation |
| WolframAlpha | | Exponentiation |
| -- Spreadsheets: ------------------------------- |
| MS Excel | ! | Negation |
| Google Sheets | ! | Negation |
| -- Other: -------------------------------------- |
| Matlab | | Exponentiation |
| Hand-held calculators | ! | Varies |
! means be careful
Conclusion
However it seems that the right-associative approach has more logical bases, we do not have any official rule that says it is right/wrong approach.
So since you know that a definition of the notation is missing, you should always use braces (as StackExchange parser also recommends) to avoid unexpected results.