Trade of the Day: EUR/NZD

ChartViper Trade of the Day

EUR/NZD recently broke the 4-hour Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the above-average Initial Trend (6 bars), medium Uniformity (5 bars) and strong Clarity (9 bars). EUR/NZD is expected to fall toward the forecast price 1.6757.

As can be seen from the daily EUR/NZD chart below – the pair earlier reversed down from the resistance area located between the long-term resistance level 1.6950 (former multi-month high from July) and the upper daily Bollinger Band. The proximity of this resistance zone and the overbought daily Stochastic increase the probability EUR/NZD will continue to fall toward the forecast price 1.6757.

Want to get full Autochartist Access including the Autochartist Market Scanner, email reports,
Mobile App, and the full Autochartist Web App?

Subscribe here: ChartViper Subscriptions