EUR/NZD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On a 1H chart the pair has formed a rising wedge pattern, however, on a bigger time frame EUR/NZD is moving in boundaries of a double bottom pattern. The pair has performed two lows, with the second one being lower than the first one, while the fact single currency is overbought is raising concerns the pair may dip toward pattern's support once again. However, the number of long and short positions is distributed almost equally (53.19% bullish), suggesting the pair may fluctuate around current level for some time. According to technical indicators, the pair may advance to a 200-bar SMA at 1.6279 and then dip towards pattern's support.
© Dukascopy Bank SA
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