Trade of the Day: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to rise inside the 30-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the below-average Initial Trend (2 bars), higher Uniformity (6 bars) and strong Clarity (9 bars). AUD/NZD is expected to rise inside this Ascending Triangle.

As can be seen from the daily AUD/NZD chart below – the pair earlier reversed up from the support area located between the pivotal support level 1.1135 (which has been reversing the pair from June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from August. The proximity of this support area adds to the probability AUD/NZD will continue to rise inside this Ascending Triangle.