Chart Patterns: NZD/USD’s Double Top
JustForex | Mar 14, 2018 10:23AM ET
The current technical pattern indicates a correction in NZD/USD 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 approached the "mirror" support of 0.73200. We recommend paying attention to this situation.
If the price fixes below the 0.73200 mark, you may want to consider selling. 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 time frames. When tracking the position, we recommend using a trailing stop.
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