NZD/USD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are plenty of convincing arguments to be bullish on the New Zealand Dollar right now. First, NZD/USD has just formed a double bottom, which implies a rally of 40-50 pips above 0.6550. The second reason is that the currency pair has recently reached the lower boundary of the bearish channel emerging in the four-hour chart.
However, the technical indicators are currently mixed, and in order to confirm the bullish outlook the price still needs to close above the neck-line of the pattern. At the same time, the SWFX market participants prefer to be long the Kiwi, being that 61% of open positions are to profit from currency's appreciation.
© Dukascopy Bank SA
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