EUR/NZD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD found a strong resistance around monthly R1 at 1.5896, while at the same time the pair is supported by the major level at 1.57. The currency pair has topped twice; however, it seems that the pair is peaking once again, indicating on a possible triple top pattern formation. Moreover, the pair failed to break the neck-line at 1.5718 to the downside, thus we expect the pair to reach the weekly and monthly R1 before approaching the neck-line again. The weekly technical indicators are pointing to the south, suggesting that a bearish break-out is likely to occur. The SWFX market participants are strongly bearish, as 73.23% of them have opened long positions on the pair.
© Dukascopy Bank SA
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