By: Dima Chernovolov
EUR/NZD continues to rise in the direction of the hourly key resistance level 1,6789 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 earlier price reversals from this price level. A EUR/NZD is expected to continue to rise toward the resistance level 1,6789.
As can be seen from the daily EUR/NZD chart below – the pair earlier reversed up from the key support area located between the long-term support level 1.6655 (which has been reversing the pair from the start of April) and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/NZD will continue rise toward the resistance level 1,6789.