Trade of the Day: NZD/CAD
By: Dima Chernovolov
NZD/CAD continues to rise inside the daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (7 bars) and medium Clarity (5 bars). NZD/CAD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily NZD/CAD below, the price earlier reversed up from the support area lying between the key support level 1.3200 and the 50% Fibonacci correction of the previous upward impulse from February. The proximity of this support area increases the probability NZD/CAD will continue rise inside this Rising Wedge.
