NZD/USD Double Bottom!

NZD/USD Double Bottom!

NZD/CAD edged higher today and it seems determined to resume its rebound. Technically, the pair has developed a Double Bottom pattern, so it could jump higher in the short term.

New Zealand Dollar is strongly bullish and it could appreciate versus all rivals and not only versus CAD. Still, we need confirmation before deciding to go long on this pair. The price is located below critical resistance levels.

NZD/CAD H1 Chart Technical Analysis!

NZD/CAD jumped above the downtrend line signaling an upside reversal. It has failed to retest the broken dynamic resistance. Now it’s moving sideways between 0.8800 and 0.8886 levels.

An upside breakout from this range may validate a swing higher and could bring a long opportunity. A valid breakout above the upper median line (uml) and through the weekly R1 is favored after failing to reach the median line (ml).

Conclusion!

Jumping and stabilizing outside of the descending pitchfork’s body could bring an upside breakout from the minor range.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.