Trade of the Day: EUR/NZD

By: Dima Chernovolov

EUR/NZD continues to rise inside the 30-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), below-average Uniformity (5 bars) and strong Clarity (8 bars). EUR/NZD is expected to rise further inside this Up Channel.

As can be seen from the daily EUR/NZD chart below – the price previously broke above the key resistance level 1.6765 (which has been reversing the price from the start of October). This price level is acting as the support after it was broken. The proximity of this support levels adds to the probability EUR/NZD will continue rise further inside this Up Channel.