Trade of the Day: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the lower Initial Trend and Uniformity (3 bars), and significant Clarity (7 bars). NZD/USD is expected to rise further inside this Rising Wedge.

As can be seen from the daily NZD/USD chart below – the pair earlier broke above the key resistance level 0.6255 (which has been reversing the price from the end of August). This price level is acting as the strong support after it was broken. The proximity of this support level adds to the probability NZD/USD will continue to rise inside this Rising Wedge.