NZD/USD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp fall 0.8586 on April 30, NZD/USD has formed a double bottom pattern. However, the downtrend is likely to be substituted by an uptrend, as the pair is testing pattern's resistance line for the second time in one month period. In addition to that indicators on 4H and daily charts are sending "buy" signals, suggesting the upper trend line will be breached. However, indicators on weekly chart are pointing at the movement in the opposite direction. Taking into account signals from tools of technical analysis, the pair is widely expected to appreciate for some time, however, later it may resume following the downtrend.
© Dukascopy Bank SA
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