GBP/NZD 1D Chart: Double Bottom

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Source: Dukascopy Bank SA
GBP/NZD confirmed the double bottom it has set at an all-time low of 1.6772 with a strong break above the neck-line located at 1.7982, and has been rising ever since. The pair has now posted two red candles after five green ones, suggesting that while the uptrend is still intact, a wave south is now taking place. Support lies below at 1.8515 while the upper Bollinger Band reflects the first upside level at 1.8978 and is rather unlikely to be broken over the next few days. The general bullishness in the longer term is confirmed by a variation of technical signals such as low SMAs, several golden crosses and a strong green Ichimoku lying below.
© Dukascopy Bank SA
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