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Possible double top formation

New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
TipTVFinance  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD Currencies related Forex trading
3
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nzdusd currencies related forex trading
Daily chart pattern - possible double top formation

Resistance - 0.6883, 0.6835, 0.6806

Support - 0.6972, 0.7024, 0.7054

  • Kiwi's failure to take out Apr 19 high of 0.7054 followed by a sharp drop below rising channel has increased odds of a the pair forming a double top formation with neckline at 0.6806.
  • Dollar could see a broad based technical correction. Plus, a possible drop in GDT price auction could add to the bearish pressure around NZD.
  • Thus, a daily close below rising channel support appears likely. In such a case, fall towards the neckline level of 0.6806 levels appears likely in next few days.
  • On the higher side, a convincing break above 0.7054 is essential to open doors for a rise to 0.7122 levels.
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