Trade of the Day: GBP/NZD

By: Dima Chernovolov

GBP/NZD recently broke the key 30-minute support level 1.9783 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 3-bar level – which is the result of the three previous price reversals from this price level. GBP/NZD is expected to continue to rise toward the forecast price 1.9645.

As can be seen from the daily GBP/NZD chart below – the pair earlier reversed down from the resistance area located between the round resistance level 2.000 and the upper daily Bollinger Band. The proximity of this resistance area increases the probability GBP/NZD will continue to fall toward the forecast price 1.9645.