NZD/USD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a good chance NZD/USD is going to form a double bottom pattern in the nearest future. If the currency pair continues to advance away from the support at 0.8650 (daily S1 and Thursday low) and then gains a foothold above the resistance at 0.8718, we will expect the rally to extend up to 0.8838, which is the Jul 10 high.
However, if the mentioned resistance stops the bulls, which is quite possible given the density of the supply area (daily R2, Jul 21 high and 200-hour SMA), we are likely to see a re-test of the Jul 17 low. Meanwhile, the SWFX market is currently undecided with respect to NZD/USD—43% of open positions are long and 57% are short.
© Dukascopy Bank SA
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