Trade of the Day: NZD/USD

ChartViper Trade of the Day

NZD/USD continues to fall toward the key support level 0.6420, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the two bar level – which is the result of the two previous price reversals from this price level. NZD/USD is expected to continue to fall toward the support level 0.6420.

As can be seen from the daily NZD/USD chart below – the price earlier reversed down from the resistance area located between the key resistance 0.6540 (former multi-month support level from January) and the 38.2% Fibonacci correction of the downward impulse from April. The proximity of this resistance area and the clear daily downtrend increase the probability NZD/USD will continue to fall toward the support level 0.6420.

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