Possible double top formation
Daily chart pattern - possible double top formation
Resistance - 0.6883, 0.6835, 0.6806
Support - 0.6972, 0.7024, 0.7054
Resistance - 0.6883, 0.6835, 0.6806
Support - 0.6972, 0.7024, 0.7054
- Kiwi's failure to take out Apr 19 high of 0.7054 followed by a sharp drop below rising channel has increased odds of a the pair forming a double top formation with neckline at 0.6806.
- Dollar could see a broad based technical correction. Plus, a possible drop in GDT price auction could add to the bearish pressure around NZD.
- Thus, a daily close below rising channel support appears likely. In such a case, fall towards the neckline level of 0.6806 levels appears likely in next few days.
- On the higher side, a convincing break above 0.7054 is essential to open doors for a rise to 0.7122 levels.
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