Daily Forex Update: EUR/NZD

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Jun 13, 2013 dima7777 (0)

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).

20130613dailyfximage1The following weekly EUR/NZD chart shows the resistance price levels mentioned above:

20130613dailyfximage2

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