Trade of the Day: EUR/NZD
EUR/NZD continues to fall inside the 30-minute Falling Wedge chart pattern, which was earlier identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (5 bars) and stronger Clarity (7 bars). EUR/NZD is expected to fall further inside this Falling Wedge.
As can be seen from the daily EUR/NZD chart below – the pair earlier reversed down from the combined resistance area located between the pivotal resistance level 1.71000 (former monthly high from November) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/NZD will continue to fall inside this Falling Wedge.