Trade of the Day: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and significant Clarity (7 bars). NZD/USD is expected to rise further inside this Up Channel .

As can be seen from the daily NZD/USD chart below – the price earlier reversed up from the support area located between the key support level 0.6870 (former resistance from January and March) and the 38.2% Fibonacci correction of the upward impulse from February. The proximity of this support area increases the probability NZD/USD will continue to rise inside this Up Channel .