Trade of the Day: NZD/USD

NZD/USD recently broke the key support level 0.6471, which was recently identified by Autochartist. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five earlier reversals from this price level. NZD/USD is expected to fall toward the forecast price 0.6433.

As can be seen from the daily NZD/USD chart below – the pair earlier reversed down from the resistance zone located between the key resistance level 0.6525 (former strong support from the start of 2022, acting as the resistance after it was broken last April). The proximity of this resistance level, overbought weekly Stochastic and the clear weekly downtrend increase the probability NZD/USD will continue to fall toward the forecast price 0.6433.