NZD/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having surpassed its 200- and 50-hour SMAs, NZD/USD was gradually appreciating until it reached a five-month high on October 17. A stab to this high provoked a retreat of the pair that touched a level of 0.8448 (down-trend resistance) and then recovered to the level slightly below the previous high thus shaping a typical double top pattern. Although double top patterns often result in the bearish break-out that takes the pair well below the pattern's support line, market players bet on the advance of the pair in 72.34% of cases. To confirm traders' expectations, the pair has to climb above its four-hour resistances at 0.8504/17 to re-approach a five-month high.
© Dukascopy Bank SA
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