Today’s Forex Guide

Forex NZD/USD: May be Forming a Double Top Pattern


Apr.21.2015

3:45 pm (EST) Update

NZD/USD 4 Hour
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

 

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