Trade of the Day: EUR/NZD
By: Dima Chernovolov
EUR/NZD continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (9 bars) and significant Clarity (7 bars). EUR/NZD is expected to rise further inside this Rising Wedge .
As can be seen from the daily EUR/NZD chart below – the price earlier reversed up from the support area located between the key support level 1.5700 (which stopped the sharp downward impulse at the start of March) and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/NZD will continue to rise inside this Rising Wedge.