-
Kiwi forms a perfect double top pattern
The New Zealand dollar slid Friday, losing half a percent during the US session and trading near 0.7160. The pair has topped again near 0.7215, posting a perfect double top pattern, a bearish reversal formation. This formation’s neckline (or support) is seen at 0.7130, and if the NZD drops below it, the pattern could become valid. It has the potential of 90 pips, thus targeting 0.7050 as the entire target for bears. But on the longer time frame (such as four-hour or daily charts), the formation only looks like a consolidation shape in the current medium-term uptrend. It is usually broken in the direction of the ... (full story)
