Trade of the Day: AUD/NZD
By: Dima Chernovolov
AUD/NZD continues to rise inside the hourly Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (1 bars), below-average Uniformity (4 bars), and significant Clarity (7 bars). AUD/NZD is expected to rise further inside this Up Channel
As can be seen from the daily AUD/NZD chart below – the pair earlier broke above the key resistance level 1.1090 (which has been reversing the pair from the end of June). This price level is acting as the support after it was broken. The proximity of this support level and the clear daily uptrend add to the probability AUD/NZD will continue to rise inside this Up Channel.