By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
As you can see from the following trade opportunity alert for EUR/NZD, this currency pair is expected to fall to the target level 1.6124 in the next 3 trading days – after recently penetrating the lower support trendline of the hourly Up Channel identified by Autochartist. Autochartist set the stop-level for this forecast at 1.7112 (point B, the top of this Up Channel). This point formed earlier, when EUR/NZD failed to break up above the resistance zone lying between the round resistance level 1.7000 (which had previously reversed the pair sharply down in May of 2012) as well as the 50% Fibonacci Retracement of the preceding weekly downward price impulse from March of 2011 (as you can see on the second chart below).
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
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