Double top on NZD/USD

Double top on NZD/USD

The current technical pattern indicates the correction of the NZD/USD currency pair after significant growth over the past two weeks. The trading instrument held a local support level of 0.73500, which caused the bearish sentiment. At the moment, a classic reversal figure of the technical analysis, Double top, (M30 timeframe) has been formed. The NZD/USD quotes approached the "mirror" support of 0.73200. We recommend you to pay attention to this situation.

If the price fixes below the 0.73200 mark, the sales of NZD/USD should be considered. The closest target for profit taking is the support level of 0.72900. The movement is tending to 0.72650-0.72500. Confirmations and entry points into the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.03.14

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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