NZD/USD 4 Hour: May be Forming a Double Top Pattern
Suggested positioning: Short positions below 0.7680 with targets set at 0.7650 and 0.76 in extension.
Technical reasons why: The pair was unable to reach the resistance level at 0.7750 and seems to be forming a double top formation around the pivot level of 0.7680. The RSI is heading down towards neutrality area.
Alternative Scenario: Above 0.7750 look for more up moves towards 0.7850
Suggested stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.76 | 0.7680 | 0.7750 |
| 0.75 | 0.7650 | 0.7850 |
