Trade of the Day: EUR/NZD
By: Dima Chernovolov
EUR/NZD recently broke the 15-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 7-bar level – which is the result of the strong Initial Trend (10 bars), above-average Uniformity (6 bars) and significant Clarity (8 bars). EUR/NZD is expected to rise toward the forecast price 1.6597.
As can be seen from the daily EUR/NZD chart below – the price recently reversed up from the pivotal support level 1.6475, which has been reversing the price from the middle of May), intersecting with the 20-day moving average. The proximity of this support zone and the clear daily downtrend adds to the probability EUR/NZD will continue to rise toward the forecast price 1.6597.