Trade of the Day: NZD/USD

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ChartViper Trade of the Day

NZD/USD continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the strong Initial Trend (10 bars), average Uniformity (5 bars) and substantial Clarity (8 bars). NZD/USD is expected to rise further inside this Up Channel.

As can be seen from the daily NZD/USD chart below – the pair earlier reversed up with the daily Bullish Engulfing from the support level 0.6225 (which has been reversing the price November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of November. The proximity of this support level and the clear daily uptrend increase the probability NZD/USD will continue to rise inside this Up Channel.

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