Trade of the Day: EUR/NZD

EUR/NZD rising inside the 4-hour Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which is the result of the low Initial Trend (2 bars), strong Uniformity and Clarity (8 bars). EUR/NZD is expected to rise further inside this Falling Wedge.

As can be seen from the daily EUR/NZD chart below – the pair earlier reversed up from the support level 1.7540 (which has been reversing the pair from the middle of June) coinciding with the lower daily Bollinger Band and the support trendline of the daily down channel from August. The proximity of these support levels increases the probability EUR/NZD will continue rise inside this Falling Wedge.