Daily Forex Update: NZD/USD

By: Dima Chernovolov

Autochartist recently identified the breakout of the 4-hour Key Resistance level on the NZD/USD charts. The length of this Resistance level is equal to 75 candles. Autochartist measures the Significance of this Resistance level at the 4-bar level – which reflects the 4 previous price reversals from this price level. NZD/USD is expected to rise to the Forecast price 0.7208 in the coming trading sessions.


As can be seen from the daily NZD/USD chart below, the breakout of this Key Resistance level follows the earlier sharp upward reversal from the strong support zone lying between the round support level 0.7000 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. The proximity of this support zone heightens the probability the pair will continue to rise toward the Forecast price 0.7208 in the nearest time.


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