Trade of the Day: AUD/NZD
By: Dima Chernovolov
AUD/NZD recently broke the 30-minute Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 4-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (6 bars) and higher Clarity (7 bars). AUD/NZD is expected to rise toward the forecast price 1.0742.
As can be seen from the daily AUD/NZD chart below – the pair earlier reversed up from the support area located between the support level 1.0670 (which has been reversing the price from the end of February), lower daily Bollinger band and the 50% Fibonacci correction of the upward impulse wave 5 from the middle of January. The proximity of this support zone adds to the probability AUD/NZD will continue rise toward the forecast price 1.0742.