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Trade of the Day: EUR/NZD

By: Dima Chernovolov EUR/NZD continues to fall inside the 30-minute Falling Wedge chart pattern which was identified previously by Autochartist. Autochartist measures the quality of this Falling Wedge at the 4-bar level – which reflects the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and significant Clarity (7 bars). EUR/NZD is expected to fall…
Trade of the Day:  EUR/NZD

By: Dima Chernovolov

EUR/NZD continues to fall inside the 30-minute Falling Wedge chart pattern which was identified previously by Autochartist. Autochartist measures the quality of this Falling Wedge at the 4-bar level – which reflects the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and significant Clarity (7 bars). EUR/NZD is expected to fall further inside this chart pattern – in line with the earlier downward reversal from the key resistance area shown below.

As can be seen from the daily EUR/NZD chart below, the top of this Falling Wedge formed when the price reversed down from the resistance area lying between the resistance level 1.7560 and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/NZD will continue to fall inside this Falling Wedge.

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A final push expected on USD/CAD as it starts approaching a price line of 1.3348.

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FRA40 is approaching a resistance line of a Rising Wedge. It has touched this line numerous times in the last 5 days.

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