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Technical Analysis: NZDUSD - Double Top Formation at 0.8695

Posted by Chris Advincula on Mar 28, 2014 7:13:00 AM

nzd.3.28.double.top resized 600Chart: WorldWideMarkets Alpha Trader

1-Hour Chart Study

The channel broke through the resistance of 0.8625 from March 18th with a developing uptrend.

There is however a pause just before the psychological resistance mark at 0.8700 which may be due for a temporary correction.

There is also a double top formation on the intraday chart at 0.8695 which can possibly form a retracement just before it resumes the uptrend of the kiwi.

Retracements as seen on the upward channel are limited, however it already made a pause at 0.8695 in the intraday chart which forms a possible retracement opportunity.

Fibonacci Fan Retracements:

0.8660 – 61.8% Intraday Support and 21 Day Moving Average

0.8650 – 50%      Fibo retracement

0.8635 -  38.2%  Fibo retracement

Supports:

0.8590   Mar 26 support

0.8540   21 Day Moving Average

0.8530   March 19

0.8520   Mar 19-21 support

0.8500   Mar 19 psychological support

 

5-Minute Intraday Chart

describe the image

Chart: WorldWideMarkets Alpha Trader

 

Chris Advincula

WorldWideMarkets 


 

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