Trade of the Day: EUR/NZD

EUR/NZD continues to rise inside the 30-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 8-bar level – which is the result of the below-average Initial Trend (4 bar), significant Uniformity (7 bars) and higher Clarity (8 bars). EUR/NZD is expected to rise further inside this Ascending Triangle.

As can be seen from the daily EUR/NZD chart below – the pair earlier reversed up from the support area located between the support level 1.8165, 20 day moving average and the 38.2% Fibonacci correction of the upward impulse from July. The proximity of this support area and clear daily uptrend increase the probability EUR/NZD will continue to rise inside this Ascending Triangle.