USD/NZD 1H Chart: Double Bottom

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Source: Dukascpy Bank SA
© Dukascpy Bank SA
While an attempt at reversing the previous downtrend failed on the fifth wave, USD/NZD went on to repeat the motion, forming a double bottom at 0.7118 with a neckline at 0.7182. A close above this level would confirm a change of trend and set the next major target at 0.7247 where October 20 highs lay – a scenario quite likely unless 0.7166/0.7168 rejects the surge. Supply pressures at 0.7149/50 could elevate the pair towards targeted levels, and a motion below would cause the opposite. Trading above the cloud resistance, the rate could still fail to break the neckline, strengthened by the Daily R1, monthly S1 and the 50% retracement level of the latest dive, which would lead to a rectangle formation.
© Dukascpy Bank SA
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Mon, 31 Oct 2016 08:30:57 GMT

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