NZD/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a three-year high of 0.87796 early May provoked a sharp depreciation of the New Zealand Dollar against its U.S. peer. The decline was a part of the 99-bar long double bottom pattern, inside which the pair is located at the moment.
Now the instrument is unremittingly nearing the neck-line at 0.8638 that represents a formidable resistance level bolstered by the daily R1 and four-hour R1. If the pair manages not to lose its spree and surpass this level, it may enjoy a rally that is not likely to be contained up to the next resistance at 0.8655 (200-hour SMA).
© Dukascopy Bank SA
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