Trade of the Day: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise toward the hourly resistance level 1.0724 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 6-bar level – which is the result of the six previous price reversals from this price level. AUD/NZD is expected to continue to rise toward the resistance level 1.0724.

As can be seen from the daily AUD/NZD chart below – the pair earlier reversed up from the support area located between the pivotal level 1.065 and the lower daily Bollinger band. The proximity of this support zone increase the probability AUD/NZD will continue to rise toward the resistance level 1.0724.