NZD/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having peaked near a three-year high of 0.8838 for two times, the New Zealand Dollar embarked upon depreciation against its U.S. counterpart. Although the decline was expected since the pair is trading inside a 104-bar long double bottom pattern, the pair's following moves were surprising. NZD/USD jumped above the short-term SMA at 0.8815 a few hours earlier and now is not showing any willingness to retreat from the current level. At the same time, market players believe the pair will make the pattern to work out – over 60% of SWFX players hold short positions, meaning that the pair may reverse its trend to near the neck-line at 0.8794.
© Dukascopy Bank SA
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