Trade of the Day: GBP/NZD
By: Dima Chernovolov
GBP/NZD recently broke the 30-minute key resistance level 1.9308 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 6-bar level – which is the result of the six previous price reversals from this price level. GBP/NZD is expected to rise further toward the forecast price 1.9382.
As can be seen from the daily GBP/NZD chart below – the price earlier reversed up from the support area lying between the key support level 1.9225 (which has been reversing the price from the start of March), 50% Fibonacci correction of the upward wave (B) from January and the lower daily Bollinger Band. The proximity of this support area increases the probability GBP/NZD will continue to rise toward the forecast price 1.9382.