NZD/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD formed a double bottom pattern, a breakout from which usually results in a sharp appreciation of the pair. However, this time the pair is facing hindrances while trying to advance after it re-approached the pattern's resistance. At the moment, the pair is trapped between 200- and 50-hour SMAs, with 200-hour SMA meandering above the pair and acting as formidable resistance preventing a jump. Both SMAs are moving closer and closer to each other, suggesting that a golden cross may occur before long that may give the pair an impulse for an accelerating advance.
© Dukascopy Bank SA
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Tue, 05 Nov 2013 13:40:48 GMT

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