Trade of the Day: AUD/NZD

AUD/NZD recently broke the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (2 bars), and average Uniformity and Clarity (5 bars). AUD/NZD is expected to rise toward the forecast price 1.0763.

As can be seen from the daily AUD/NZD chart below – the pair earlier reversed up from the powerful support level 1.06012 (which has been reversing the price from the end of 2021, when it served as the resistance level). The proximity of this support level increases the probability AUD/NZD will continue to rise toward the forecast price 1.0763.