By: Dima Chernovolov
NZD/USD continues to rise toward the key resistance level 0.6332, which was previously identified by Autochartist on the hourly charts. Autochartist rates the Significance of this resistance level at the 8-bar level – which is the result of the 8 previous reversals from this price level. NZD/USD expected to soon reach the resistance level 0.633 – in line with the earlier upward reversal from the powerful support area highlighted below.
As can be seen from the daily NZD/USD chart below – the pair earlier revered up from the support area lying between the key support level 0.6200 (which stopped the sharp downtrend in October) and the lower daily Bollinger Band. The proximity of this support area increases the probability NZD/USD will continue to rise toward the resistance level 0.6332.