NZD/USD 1D Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the formation of the Double Bottom pattern kiwi-greenback is posing for further appreciation of the pair. This happens due to the fact that the pairs bears failed to reach new (relative) low and bulls push the pair back to the previous levels. In this case that would be addition 450 pips. At the moment the pair is trading just slightly above the pattern's resistance. However, as this coincides with a start of a new week it might be the case that bulls might have "overshooted' the opening price and together with the pressure coming from 200-day SMA bears might seize another opportunity to push the pair lower. 

© Dukascopy Bank SA
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