How High Can Kiwi Climb?
DAYTRADE PROFIT | Oct 11, 2015 06:01PM ET
NZD/USD suggests a bullish trend plus the pattern that appears in the charts.
Saucer Bottom trading:
Reversal pattern that appears with a small bowl shape and it occurs with a bottom at its bowl works for long-term trading volume. This chart pattern matches a long-time consolidation time which executes from bearish to bullish conception. Basically, the rounding bottom is deliberated as a bullish signal that describes a reversal trading. The rounding bottoms look more like the letter U and it is described as rounding turns, saucers and bowls. Consolidation will happen when it descends down during the bottom of series. The V-shaped chart pattern gives yielding returns and it remains reliable in bringing results.
Resistance stays in 0.68 - 0.69 – 07. From fresh 2015 lows, touched in September, the pair has managed to register a decent recovery level off its April to September downfall. Hence, from current levels, the pair seems more likely to continue with its near-term recovery trend towards an important resistance confluence.
It is likely to extend its near-term upward trajectory immediately towards 0.6710-20 intermediate resistance before aiming towards 38.2% Fib. Retracement level resistance near 0.680 area. On the downside, 0.6570 seems to provide immediate support.
Weakness below will cancel the scenario.
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