NZD/USD Double Bottom To Be Activated!

NZD/USD Double Bottom To Be Activated!

NZD/USD seems ready to get out from a minor range signaling more gains ahead. The price action has developed a Double Bottom reversal pattern. So, the pair could come back higher in the short term.

The US data has come in mixed on Friday signaling that the USD could depreciate in the short term. It remains to see how the pair will react after today’s economic figures.

The ISM Services PMI, Factory Orders, and the Final Services PMI may bring high action. Some poor US data should send the pair higher.

NZD/USD H1 Chart Analysis!

It’s traded back above 0.7033 static resistance approaching the 0.7047 former high. A new higher high and a bullish closure above the R1 (0.7048) signals bullish momentum.

NZD/USD failed to stabilize under the pivot point and below the median line (ML) indicating strong buyers. The upside scenario could be invalidated by a drop below the S1 (0.7009).

Conclusion!

An upside breakout from the current range may activate a Double Bottom pattern. Stabilizing above the median line (ml) indicates strong buyers and further gains.

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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.