Trade of the Day: NZD/USD

NZD/USD recently broke the key support level 0.5943, which was recently identified by Autochartist on the hourly charts. Autochartist rates the quality of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level NZD/USD is expected to fall further toward the forecast price at 0.5919.

As can be seen from the daily NZD/USD chart below – the pair earlier reversed down from the resistance area located between the pivotal resistance level 0.5980 (former multi-month low from May), 20 day moving average and the 50% Fibonacci correction of the earlier downward impulse from the start of August. The proximity of this resistance area and the clear daily downtrend increase the probability NZD/USD will continue to fall further toward the forecast price at 0.5919.