NZD/USD 1D Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD seems to have formed a double bottom pattern on a daily chart, as the currency pair has proven to be unable to push through the support at 0.7680 on two distinct occasions after a precipitous Jul-Sep decline. However, in order to confirm a reversal the New Zealand Dollar is required to breach the neck-line at 0.8030, which is formed by the Oct high and monthly R1. If this is the case, the rate will have a chance to re-visit 2014 high at 0.8840, though NZD/USD may stop at an intermediary supply area at 0.84, represented by a historically important level reinforced by the 200-day SMA. Meanwhile, the SWFX market is undecided—49% of positions are long and 51% are short.
© Dukascopy Bank SA
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