AUD/NZD 1D Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a November-January sell-off AUD/NZD managed to stabilise near 1.0566, which has proven to be a reliable support level. As a result, there are now two prominent troughs standing next to each other, which implies a potential reversal of the bearish trend. Apparently, the SWFX market sees this scenario as very likely, being that 74% of open positions are long. Still, there is a necessary condition for the double bottom pattern to realise its full upward potential, namely a breach of the neck-line, which would pave the way to 1.1585. However, the supply area 1.1000/1.0950 is reinforced by the monthly R3 and 200-day SMA, thereby decreasing the chance of a break-out to the upside.

© Dukascopy Bank SA
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