Trade of the Day: EUR/NZD

EUR/NZD rising inside the 15-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 (2 bars), below-average Uniformity (2 bars) and strong Clarity (9 bars). EUR/NZD is expected to rise further inside this Up Channel.

As can be seen from the daily EUR/NZD chart below – the pair earlier broke through the resistance zone located between the resistance levels 1.7345 and 1.7500 (which has been reversing the price from last September). This price area is acting as the strong support zone after it was broken. The proximity of this support area and the clear daily uptrend increase the probability EUR/NZD will continue to rise inside this Up Channel.