Trade of the Day: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (9 bars) and above-average Clarity (6 bars). AUD/NZD is expected to rise further inside this Up Channel.
As can be seen from the daily AUD/NZD chart below – the price recently reversed up from the support area set between the support level 1.0950 (which former strong resistance from April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from April. The proximity of this support area and the strong daily uptrend increase the probability AUD/NZD will continue to rise inside this Up Channel.