Trade of the Day: AUD/NZD
AUD/NZD continues to rise to the key resistance level 1.1055, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. AUD/NZD is expected to continue to rise toward the resistance level 1.1055.
As can be seen from the daily AUD/NZD chart below – the price earlier reversed up from the support area located between the key support 1.0965 (former resistance from the middle of April) and the 50% Fibonacci correction of the upward impulse from last month. Clear daily uptrend and the proximity of this support area increase the probability AUD/NZD will continue to rise toward the resistance level 1.1055.