Trade of the Day: NZD/CAD

By: Dima Chernovolov

NZD/CAD recently broke the key hourly resistance level 0.8672 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four previous price reversals from this price level. NZD/CAD is expected to continue to rise toward the forecast price 0.8690.

As can be seen from the weekly NZD/CAD chart below – the pair earlier reversed up from the major support area located between the long-term support level 0.8625 and the lower weekly Bollinger Band. The proximity of this support area and the oversold reading on the weekly Stochastic indicator increase the proximity NZD/CAD will continue to rise toward the forecast price 0.8690.