BabyPips.com FX-Men Team
BabyPips.com
NZD/USD; 4-hour
Watch out, Kiwi bears! A complex double bottom formation appears to have formed on NZD/USD’s 4-hour forex chart, suggesting that the recent downtrend might soon reverse. The pair still has a few pips to go before testing the neckline resistance near the .6450 minor psychological mark and stochastic seems to be suggesting that there’s enough bullish momentum left for more gains. If the .6450 area and the 200 SMA still hold as resistance, price could make its way back down to the previous lows around the .6250 mark. On the other hand, a break above the neckline could spur at least 200 pips in gains, which is the same height as the chart pattern. Take note that the 100 SMA is still below the 200 SMA so the path of least resistance is to the downside.
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