Trade of the Day: NZD/USD
NZD/USD rising inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bullish price movement toward the target level 0.6006. The following are the optimal entry and stop-loss levels calculated by Autochartist: entry at 0.5995 with the protective stop-loss at 0.5986.
As can be seen from the daily NZD/USD chart below – the pair earlier broke the resistance level 0.5930, coinciding with the resistance trendline of the daily Falling Wedge from July and the 50% Fibonacci correction of the downward impulse from the start of October. All of these price levels are acting now as the support after they were broken. The proximity of these support levels adds to the probability NZD/USD will continue to rise toward the target level 0.6006.
